AXA adds advisory group

MONITOR Money has become the fourth Australian financial advisory network owned by AXA Asia Pacific.

AXA announced last week the purchase of Monitor Money and a leading New Zealand advisory group, Spicers, for $201 million.

The two groups have $2.6 billion in funds under admin-istration.

Monitor Money has 26 in-house advisers and nine offices around Australia.

AXA intends to maintain the Spicers and Money Monitor business models and brands, including the Assure master trust, which is utilised by 300 advisers.

AXA also operates the self-branded AXA Financial Planning, Charter Financial Planning and Altus Financial Services, which has a greater focus on risk management products.

“Over the past two years we have set out a very clear strategic focus for AXA Australia and New Zealand focused on wealth management and financial protection. The acquisition of Spicers and Monitor Money represents a major step forward in implementing our strategy,” Group Chief Executive, AXA Asia Pacific, Les Owen said.

“The acquisition of Monitor Money will accelerate our growth and penetration into the independent financial planning market in Australia”.