AZ Next Generation Advisory (AZ NGA) continues to grow, with the acquisition of its 12th practice in just over a year.

It has paid $3.5 million for Sydney-based JFS Personal Investment Solutions, in a deal that will involve acquiring 49% of the practice’s equity over the next 10 years.

AZ NGA will acquire Principal James Smith’s 51% shareholding in cash over the next two years.

JFA was founded in 1998 and is currently a member of the Godfrey Pembroke dealer group.

It offers a full range of advisory services, including retirement planning and life insurance.

Mr Smith says expansion plans have driven the sale.

“It’s great to know I now have the backing to implement the JFS growth plan and access to a network of peers in similar situations to my own,” Mr Smith said.

“Our new partnership with AZ NGA also creates certainty for clients and staff of JFS, ensuring we will continue to thrive for many years to come.”

AZ NGA CEO Paul Barrett says JFS is a natural fit for his expanding dealer group.

“JFS is led by a highly experienced financial adviser in James Smith, and he has an exciting growth plan that we will be able to assist with,” Mr Barrett said.