PictureWealth acquires NEO Financial Solutions, appoints COO

PictureWealth has acquired NEO Financial Solutions.

NEO was home to more than 80 advisers; the licensee is now a wholly-owned subsidiary of PictureWealth.

Former NEO managing director Mark Edman has been named group chief operating officer. "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," said Edman.

"A great combination of real people with technology. At the same time, we will be releasing a range of value-added services to make the lives of financial advisers easier so they can spend more time helping their clients achieve financial happiness."

Edman joined NEO in 2011. He'd previously spent time with WA-based Australian Finance Group.

"We found that the leadership team at NEO Financial Solutions shared our outlook on the future of financial advice," said PictureWealth co-founder and CEO David Pettitt. "We wanted to align to take the companies forward together."