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June 26, 2020

PictureWealth swoops on NEO Financial Solutions

Fintech startup PictureWealth has snapped up Perth-based financial services licensee NEO Financial Solutions (NFS).

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  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
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With the deal, NFS becomes PictureWealth’s wholly owned subsidiary. The deal value was not revealed.

PictureWealth will retain NFS employees and clients as part of the deal.

This includes NFS managing director Mark Edman will assume the position of group COO at PictureWealth.

NFS offers licensing services to over 80 financial advice professionals in Australia.

Edman noted: “This acquisition allows a unified and streamlined approach to provide consumers an accessible personalised service. 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.”

Meanwhile, PictureWealth closed its A$12m ($8.2m) late-seed funding round including private equity and debt.

The firm currently has A$2bn in funds under advice and 40,000 clients.

PictureWealth co-founder and group CEO David Pettit said: “We found that the leadership team at NFS shared our outlook on the future of financial advice and we wanted to align to take the companies forward together.

“That’s why 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.”

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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