Image Wealth has finalized a A$12 million fairness and debt funding spherical. The wealth administration agency is planning to rework Australia’s monetary advisory and superannuation sector.
Image Wealth has additionally acquired monetary providers licensee NEO Monetary Options (NFS) for an undisclosed quantity.
Following the acquisition, Mark Edman, MD at NFS, will likely be serving as the corporate’s chief working officer. Image Wealth now has 94 advisors on its crew and round A$2 billion in funds beneath monetary recommendation.
“This acquisition permits a unified and streamlined method to offer customers an accessible personalised service. Using the Fintech will help in lifting the monetary barrier many customers may expertise because the trade evolves.
David Pettit, CEO and co-founder at Image Wealth, acknowledged:
“We felt acquiring NFS with its robust compliance protocols was the way forward so that we could offer advisers and their clients a new home amidst very turbulent market conditions.”
Image Wealth was established in 2018 by firm chairman Neal Cross, who has prior expertise working as DBS Bank’s innovation head, and Pettit, who goals to assist companies makes use of know-how to higher handle their funds.
The wealth administration agency makes use of digital automation and works with skilled, licensed, monetary advisers to supply customized insights based mostly on a shopper’s particular person monetary profile and necessities.
Image Wealth’s software program factors out gaps and alternatives for purchasers that may assist them develop their investments. The Wealthtech agency additionally helps clients with making adjustments to their plans, in order that they will attain their monetary targets.
Image Wealth reported A$20 million in revenues, A$2 billion of funds beneath recommendation and claims greater than 40,000 purchasers.
Cross informed Finews Asia:
“As others are running out of the industry, we are running in…We have the technology, the business model and the people behind us to make a significant dent in the wealth industry in Australia.”
The Australian wealth administration sector took a significant hit when the Hayne Royal fee performed investigations into alleged misconduct by service suppliers, which led to the nation’s Massive 4 banks leaving the trade.