Fast-growing fintech PictureWealth has acquired 100% of both Futuro Financial Services Pty Ltd and Insight Investment Services Pty Ltd, each in their own right being well-respected Australian Financial Services Licensees.
With the transactions taking place for an undisclosed sum, the strategic acquisitions further bolster the suite of services offered by Futuro and Insight to their financial adviser network, and positions PictureWealth for continued expansion across Australia.
Since setting up in 2018, the Perth-based fintech has grown to service more than $5 billion in funds under advice, with these deals.
Transition
Previously, Futuro and Insight were majority owned by Highfield Group Pty Ltd (HFG), and the sale of the businesses form part of a planned succession process for Dennis Bashford, HFG’s chairman and major shareholder.
HFG executives Paul Kelly and Manoj Pillai will continue in their roles as Executive Directors and Responsible Managers of both Futuro and Insight, along with Christine Fonda, Head of Operations, and Michael Frawley, Head of Advice.
As a result of the transactions, PictureWealth expands its reach in delivering financial solutions to its advisers.
PictureWealth was co-founded by David Pettit, Neal Cross and Marko Sekez. No further financial details of this transaction were disclosed.
On Track
PictureWealth Co-founder and Exec director David Pettit said that the company was now on track to become “the most technologically advanced dealer group in the market” and is on a mission to “leverage technology and empower advisers to deliver an unparalleled wealth management experience for their clients.”
It is abundantly clear that the financial services industry in Australia needs to make better use of technology to improve client outcomes and to reduce the overall cost of operation of financial planning. These acquisitions further propel us to bring greater transparency, accountability, and operational excellence for both our financial adviser network and their clients.
David Pettit
“I congratulate Dennis Bashford on a tremendous career as a pioneer in Australian Financial Servies, and I take this opportunity to welcome the Futuro and Insight staff members and stakeholders to join us on an exciting journey ahead,” said David.
“Having completed 23 acquisitions across a pandemic was no small feat, but now, with the environment opening up again, we are excited about the clear running ahead and we confident in our path to continue to lead the way in digitising the delivery of financial advice to make great advice accessible to many”.
PictureWealth CEO Allan Maitland said that the company was thrilled to be working with the Futuro and Insight leadership teams and all the advisers within the group.
“We are delighted to join forces with Paul Kelly and Manoj Pillai, who are Futuro and Insight’s Executive Directors and Responsible Manager’s, as they continue to lead and manage the businesses as we work together towards providing further value to financial advisers across Australia,” said Allan.
“This acquisition solidifies our commitment to growth and innovation, allowing us to scale our operations and together, we are poised to shape the future of wealth management and redefine the industry.”
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