Next Generation Advisory (NGA) has bought its eighth financial advice practice in less than a year, adding Melbourne-based Empowered Financial Partners for $2.8 million.

The agreement includes a swap of 49% of Empowered’s equity for shares in NGA, and a progressive buyback of these shares over the next 10 years.

The remaining 51% stake will be paid to the founding partners in cash over two years.

Empowered began trading in 1994 as Williamstown Financial Services, founded by Jason Andrew, Bernie Cooney and Richard Owen.

They have entered into long-term contracts to ensure business continuity.

The practice offers a full range of financial services, including insurance, retirement planning and financial literacy.

Empowered was previously with the RI Advice Group and earned its Platinum award last year as a top-10 practice in the dealer group.

Principal Mr Andrew says NGA’s “long-term vision and thinking” proved attractive.

“[This] resonates with the values of our business, as well as the approach we like to have with our clients,” he said. “It’s a natural cultural fit and easy decision for us to be entering into a relationship with likeminded partners.”

NGA CEO Paul Barrett says Empowered is an “outstanding full-service financial advice practice with a strong value proposition for clients”.

“It is committed to developing a lifelong relationship with clients and staff, and provides an outstanding example of how a professional firm should be run,” he said.

NGA is backed by Italian fund manager Azimut Group.