Italian-owned dealer group AZ Next Generation Advisory (AZ NGA) has bought its fourth local practice in as many months.

It has acquired Melbourne-based Financial Lifestyle Partners (FLP) for €3.2 million ($5.1 million) in a cash and share-swap deal.

FLP CEO Craig Ralph started the practice in 1997 using a fee-for-service model that includes providing insurance advice. The business has seven staff and will continue to be run by Mr Ralph and his wife Lisa.

The practice was an authorised representative of the Securitor dealer group.

AZ NGA CEO Paul Barrett says the acquisition is a welcome addition to the network.

The acquisition is in line with AZ NGA’s objective of “consolidating high-quality Australian financial practices providing wealth management services to retail, high-net-worth and institutional clients”.

The deal follows the acquisitions of Eureka Whittaker Macnaught and Pride Advice in May, and Lifestyle Financial Planning Services in July.

It extends AZ NGA’s network to Adelaide, Brisbane, Sydney, Melbourne and regional Victoria, including Geelong.

Mr Barrett says the company has shortlisted “a number of financial planning firms for further potential consolidation”.