AZ Next Generation Advisory (AZ NGA), which offers professional services advisory, has purchased a stake in SCM Financial Group (SCM).

Based in Australia, SCM provides its clients wealth management, financial planning, accounting, and finance solutions.   

The new deal, whose value has not been divulged, follows a competitive tender process.

It allows SCM to become a part of AZ NGA’s existing network of accounting and financial advisory companies.

In addition, the strategic alliance helps SCM to improve its service capabilities and speed up its growth.

The deal comes shortly after AZ NGA announced the appointment of Shannon Wood as the head of business improvement.

It also follows the acquisition of Melbourne-based Matthews Steer Accountants and Advisors by AZ NGA in September 2020.

According to AZ NGA CEO Paul Barrett, the deal represents the company’s preparedness to offer customised deals based on the requirements of business owners.

Barrett said: “SCM is a very impressive, diversified business that has ambitious plans to be a leading firm of the future.

“SCM and AZ NGA are culturally and philosophically aligned in our values, thinking and objectives, and I am excited about building something great together.”

SCM Financial Group Managing Partner and CEO Aubrey Roga stated that the deal helps the firm to achieve its strategic goals and vision.

Roga said: “This partnership increases our ability to attract and retain the next generation of financial advisers and business leaders. “This is increasingly important given the current global skills shortage and war for talent.”