Nascent diversified financial services firm, Amplifi Group, has made its first acquisition with the purchase of Nelson-based advisory business, Tōtara Wealth Management.
Launched last year with the backing of Mint Asset Management and private equity firm, Ascentro Capital Partners, Amplifi plans to assemble a broad array of advice and investment businesses under its umbrella brand.
Post the inaugural deal, Tōtara founders Richard Harden and Meredith Cornelius will remain working in the business along with a new adviser, James Hunt. Tōtara will keep its existing brand and licence.
Both Mint chief, Rebecca Thomas, and recently appointed Amplifi head, Fred Ohlsson, have joined the Tōtara board.
According to a statement, the arrangement enables Tōtara to tap into the Amplifi “deep resource base with increased research and compliance support” while also establishing a long-term plan for the business under a corporate model.
Cornelius and Harden and combined their advisory practices as Tōtara in 2017, gaining a discretionary investment managment services (DIMS) licence two years later.
Harden said in the release that the pair formed the business partnership to “grow professionally as independent financial advisers – free from commissions, quotas and ‘cookie cutter’ financial planning and investment advice”.
“We are proud that the business we have built has stayed true to these ideals,” he said.
“Last year we began talking about how we could grow Tōtara Wealth further and position it for the long term in a way that was aligned to our core values, bearing in mind that most of our clients will continue to need advice well beyond our working lives. Though we have no defined retirement timeframes, planning is in our DNA.”
Ohlsson said Tōtara fits well with the Amplifi model of supporting professional independent advisory firms across NZ regions.
“All portfolios are tailored to individuals’ personal circumstances rather than one-size-fits-all, a strategy that sets Tōtara Wealth apart and is core to the Amplifi model,” he said.
Tōtara and Mint also had worked together over many years, Thomas said in the release.
“We have long spoken about the benefits of a network of independent adviser firms and we are all excited to see this vision taking shape,” she said.
Mint has about $1.7 billion in assets under management including an almost $800 million mandate with the NZ Superannuation Fund.
Ascentro owns about 30 per cent of Amplifi with the remainder held by parties associated with Mint.
A former senior ANZ executive, Ohlsson, joined Amplifi as managing director this April.