AZ Next Generation Advisory (NGA) continues to grow, with Sydney-based Priority Advisory Group its latest acquisition, for $9 million.

Since last May the dealer group has bought almost one practice per month, breaking only for Christmas. 

The latest deal will involve a swap of 47% of Priority’s equity for shares in AZ, which will be progressively bought back over the next 10 years.

The remaining 53% stake will paid to the founders in cash during the next two years.

Priority was founded in 1987 by Russell Marx and Alan Krowitz. Larry Fingleson became MD in 2002.

It has 14 staff including five financial advisers, and provides a full range of services including insurance and retirement planning.

It was previously with dealer group Fortnum Financial Advisers.

“Our board and shareholders have chosen to partner with AZ NGA because we believe the transaction is first and foremost in our clients’ best interest,” Mr Fingleson said.

“It ensures that, for at least the next 10 years, the Priority advisory business is supported and secure as we build and develop solutions that are best of breed.”

AZ CEO Paul Barrett says Priority has built a solid reputation on Sydney’s north shore.

“Mr Marx and Mr Krowitz started the business nearly three decades ago with a modern vision, and Mr Fingleson and the team have continued this on,” he said.

“The Priority business has established a great balance between corporatisation of the business and at the same time delivering value-based financial advice.”