Amplifi Group, a New Zealand-based financial services firm, has made an undisclosed investment in boutique firm Tōtara Wealth Management.
The investment made in the Nelson-based Tōtara Wealth is said to be part of Amplifi Group’s efforts to build a major independent wealth management group of companies in New Zealand.
Amplifi Group was formed in November 2021 by investment management business Mint Asset Management’s employee shareholders and investment and advisory firm Ascentro Capital Partners.
Mint Asset Management said that the investment in Tōtara Wealth is partly about protecting the space in the market for people to access customised advice that is tailored to their circumstances and goals.
Tōtara Wealth was established by Richard Harden and Meredith Cornelius in 2017. The duo will continue with the business in the role of financial advisers.
The investment from Amplifi Group will enable Tōtara Wealth to access the former’s resource base to gain increased support in research and compliance. It will also enable the latter to add another qualified financial adviser to underpin its growth.
Harden said: “Last year we began talking about how we could grow Tōtara Wealth further and position it for the long term in a way that was aligned to our core values, bearing in mind that most of our clients will continue to need advice well beyond our working lives.
“Though we have no defined retirement timeframes, planning is in our DNA.”
As per the agreement terms, Tōtara Wealth will retain its brand, while Harden and Cornelius will retain their clients as well as administration staff. The firm’s investment strategies and advice will continue to be independent.
Amplifi Group managing director Fred Ohlsson said: “There is a strong fit in culture and philosophy between the brands. Amplifi backs the regionally and locally based operations and both businesses have the expertise and capability to deliver excellent outcomes for clients in a fully diversified manner.
“All portfolios are tailored to individuals’ personal circumstances rather than one-size-fits-all, a strategy that sets Tōtara Wealth apart and is core to the Amplifi model.”
