High-profile life insurance adviser Mark Dunsford has sold his Victorian practice to AZ Next Generation Advisory (NGA) for $6.1 million.

The deal for Dunsford Financial Planning includes swapping 49% of the practice’s equity for AZ NGA shares and a progressive buyback of these shares during the next 10 years.

The remaining 51% stake will be paid to the founding partners in cash over two years.

Dunsford Financial Planning was established in 1983, providing advice on aged care, superannuation and pensions, life insurance, estate planning, business and major life events.

The Australian Securities and Investments Commission’s adviser register shows Mr Dunsford became an authorised representative of Synchron on November 7, having been with Now Financial Group for five years.

Sergio Albarelli, CEO of AZ NGA parent Azimut Holding, says the Australian advice business is growing at a “very solid” pace.

“We keep adding valuable professionals to our team who will enable us to exploit every market opportunity we will come across,” he said.

“We look to close the year with further growth, both organic and external.”