Picture Wealth has finalized a A$12 million equity and debt funding round. The wealth management firm is planning to transform Australia’s financial advisory and superannuation sector.
Picture Wealth has also acquired financial services licensee NEO Financial Solutions (NFS) for an undisclosed amount.
Following the acquisition, Mark Edman, MD at NFS, will be serving as the company’s chief operating officer. Picture Wealth now has 94 advisors on its team and around A$2 billion in funds under financial advice.
“This acquisition allows a unified and streamlined approach to provide consumers an accessible personalised service. The use of the Fintech will assist in lifting the financial barrier many consumers may experience as the industry evolves.
David Pettit, CEO and co-founder at Picture Wealth, stated:
“We felt acquiring NFS with its robust compliance protocols was the way forward so that we could offer advisers and their clients a new home amidst very turbulent market conditions.”
Picture Wealth was established in 2018 by company chairman Neal Cross, who has prior experience working as DBS Bank’s innovation head, and Pettit, who aims to help businesses uses technology to better manage their finances.
The wealth management firm uses digital automation and works with experienced, licensed, financial advisers to offer personalized insights based on a client’s individual financial profile and requirements.
Picture Wealth’s software points out gaps and opportunities for clients that can help them grow their investments. The Wealthtech firm also helps customers with making changes to their plans, so that they can reach their financial goals.
Picture Wealth reported A$20 million in revenues, A$2 billion of funds under advice and claims more than 40,000 clients.
Cross told Finews Asia:
“As others are running out of the industry, we are running in…We have the technology, the business model and the people behind us to make a significant dent in the wealth industry in Australia.”
The Australian wealth management sector took a major hit when the Hayne Royal commission conducted investigations into alleged misconduct by service providers, which led to the nation’s Big Four banks leaving the industry.