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PictureWealth buys NEO
PictureWealth buys NEO

PictureWealth buys NEO

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By Sarah Kendell ·
June 29 2020
PictureWealth buys NEO

PictureWealth buys NEO

Fintech PictureWealth has bought NEO Financial Solutions, saying it is set on “reinventing the financial advisory and superannuation landscape in Australia”.

PictureWealth bought NEO for an undisclosed sum. NEO managing director Mark Edman will take on the role of group chief operating officer.

“We are super excited about completing this transaction and welcoming the NFS clients and staff into the PictureWealth family,” said PictureWealth chairman Neal Cross. “Mark is a world-class talent and is joining our journey to digitally transform the entire industry, one financial planning business at a time.”

“We have built an engine of innovation that enables us to rapidly onboard new financial advisors, optimise how they run their business and give customers a best in class digital platform while at the same time helping them to reduce their product related fees.”

PictureWealth was drawn to NEO by its “robust compliance protocols” and wanted to offers its advisers and their clients “a new home amidst very turbulent market conditions”. NEO offers licencing services to 80 advisers.

“Many financial advisers have spent their entire lives building a business that is now worth less than expected, or in some cases nothing at all,” said PictureWealth group CEO David Pettit. “This is due to a number of reasons, but primarily the new education requirements from FASEA means they have to have a degree level qualification and many older advisors are just not willing or unable to spend another 4 years studying to get the new qualification.”

PictureWealth provides personal wealth management tools to create a snapshot of an individual’s financial position. It has A$2.0 billion in funds under advice and 40,000 clients across the group.


“This acquisition allows a unified and streamlined approach to provide consumers an accessible personalised service,” said Mr Edman. “The use of the Fintech will assist in lifting the financial barrier many consumers may experience as the industry evolves. A great combination of real people with technology.”

“At the same time, we will be releasing a range of value-added services to make the lives of financial advisers easier so they can spend more time helping their clients achieve financial happiness.”

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