Milestone Direct Merges With Become.nz To Form Become Wealth, Consolidates Its Position In The NZ Financial Sector

Milestone Direct and Become.nz are excited to announce they have merged their respective businesses to form Become Wealth. The announcement came overnight on the back of strong growth over recent years for both companies. The merge will take effect on 31 March 2022.

With recent changes in financial markets and in the regulatory environment, the need for additional scale and specialisation was identified, to ensure clients can continue to receive the highest standard of services and access to the best quality financial products in the marketplace.

Moving forward, Become Wealth will be a national provider of diversified financial advice and investment management services. Headquartered in Auckland with a major presence in Christchurch and serving Kiwi’s up and down New Zealand with services such as mortgage broking, financial planning, insurances, and a range of investment solutions. Milestone Direct, founded in 2012, are formally contracted by major NZX- and ASX-listed companies to assist their staff with individual financial choices, as well as ongoing financial services to the members of one major government department, and direct-to-individual services. Become.nz has been focussed on meeting the financial needs of individual Kiwis, and doctors through the Medcapital brand. All these relationships will be maintained by the merged company, Become Wealth.

Richard Clark, Managing Director of Medenterprises and former Managing Director of Become.nz, will be exiting the financial industry to focus on the core services they provide to doctors and medical providers in NZ and worldwide. Richard welcomes the merge and will maintain arms-length involvement by introducing doctors who wish to explore financial services and financial wellbeing support to Become Wealth.

“Medenterprises exists to improve the wellbeing of the medical profession and every doctor in it. We know that finances are the second biggest cause of stress for doctors, and we are looking forward to working with Become Wealth in the future to help make financial wellbeing easier for even more doctors”, says Richard.

Become Wealth is 100% NZ-owned, and unlike many nationwide financial advice providers, has no product provider control or ownership.

According to Joseph Darby, CEO of Become Wealth (and previously CEO of Milestone Direct), during the initial scoping stages “the synergy and opportunity was undeniable” for all involved. Darby said the company is going to concentrate on offering improved services to clients and customers large and small alike, and efficiencies should lead to increased client satisfaction. These factors are expected to underpin strong future growth and build upon Become Wealth’s nearly $1 billion in funds under advice, including those managed under a Discretionary Investment Management Service (DIMS) licence. Become Wealth should count nearly 17,000 individual clients, and to serve these people Become Wealth has absorbed employees that were working for both companies into its fold.

Darby also said Become Wealth is well-postured for more acquisitions over coming months and years, as regulatory pressure pushes some from the industry. “Regulation means it’s not getting any easier to operate in the NZ financial services space, and our phonelines are open for ethical self-employed advisers who might be looking to exit the industry on good terms by selling their books to someone they know will take care of them” he said, in a clear nod to a roll-up acquisition strategy. Darby also mentioned two modest acquisitions were closing on the same day as the merger.

The efficiencies of scale, and complimentary capabilities mean this is clearly a win-win for both companies. After careful analysis, it was determined the best brand to forge with was Become Wealth.

Mergers and acquisitions are not new in the financial advice world, but this is unique as a merger between two successful and formed companies. With this merger, Become Wealth is one of the leading non-aligned financial advice and financial services companies in the country.

A new website will go live shortly and people and the industry are eagerly awaiting the next news from Become Wealth.

© Scoop Media