AZ NGA takes stake in advisory business

AZ NGA has further expanded its advisory network after acquiring a stake in Sydney-based financial advice practice, Foster Raffan iPlan.

Founded after the merger between established businesses Foster Raffan and iPlan in 2021, the firm brings specialist services in wealth management and retirement planning advice to the AZ NGA group, run by principals Daniel Molesworth and Robert Wood.

Molesworth said the ‘strategic partnership’ will allow Foster Raffan iPlan to leverage the increased capabilities, capacity and scale benefits offered by AZ NGA to continue to grow the business with the support of a large community of advisers, accountants and industry figures.

“Advice businesses today need more support than ever to continue growing and improving the services they offer to clients,” he said.

“We recognised that, in order to achieve our goals, we needed to get bigger and more efficient so we wanted a partner that could help us drive business improvements, negotiate sharper rates and service level agreements, and invest for the future.”

The stake acquisition comes after AZ NGA showed interest in the group since 2021, according to Paul Barrett, AZ NGA’s chief executive.

“I have known Daniel and Robert independently for many years and I have been impressed by how they have been able to build their respective businesses and then link up to form Foster Raffan iPlan and really take that business forward,” he said.

“We are attracted to businesses and entrepreneurs who are passionate about their clients and have a clear vision for the future. Importantly, Daniel and Robert understand AZ NGA’s mission and purpose to become Australia’s leading professional advisory group and want to be part of it.”