Wealthpoint Limited, one of New Zealand’s largest adviser groups, has completed the acquisition of Insurance Specialists, an Auckland-based business established by Hayden Rikys – a 25-year industry veteran. Recognising the importance of continuity for clients, Rikys will work alongside the Wealthpoint General Insurance (WPGI) team over the coming 12 months to ensure a seamless transition.

The acquisition marks a significant milestone in Wealthpoint’s long-term strategy to build scale in WPGI, their member-owned subsidiary business.

In communication to the Wealthpoint network this week, Wealthpoint CEO, Simon Manning noted the acquisition would augment the strong organic growth WPGI has achieved since its inception in 2021. Rikys and several additional experienced brokers and support staff will be joining WPGI as part of this transaction, immediately adding to WPGI’s existing scale and expertise.

Manning says the acquisition also aligns with WPGI’s primary objective – to support Wealthpoint’s general insurance advisers by providing access to a broad range of insurers and critical support functions such as quoting and binding tools, premium funding, client invoicing, and claims management.

Being one of the few adviser groups in New Zealand whose network covers the full suite of financial services (life, health and general insurance, lending, and investments), Wealthpoint helps advisers build their general insurance capability with the support of a skilled and supportive team. In cases where Wealthpoint members elect not to provide general insurance advice themselves, they can access general insurance services for their clients through a referral model while retaining ownership of the client.

Manning notes the acquisition also strengthens Wealthpoint’s ability to help member businesses with succession planning. “Our adviser recruitment, onboarding and mentoring framework for new advisers is well developed. However, our members also need help to make sure they can exit particular advice lines, or the industry altogether, at a time and financial return, that works for them. Our growing WPGI business now has the potential to provide another option for members looking to exit general insurance, or the industry entirely”.

Looking to the future, with this acquisition complete, Wealthpoint will continue to focus on completing other key initiatives contained in its three-year strategic plan. This includes further enhancements to its overall member offering, expanding its investment portfolio options, and adding more quality businesses to its growing network.