Western Australia-based Sentry Group has acquired WealthSure Financial Services, creating an entity with 300 advisers nationwide and $5 billion in funds under advice.
Sentry chairman and managing director Murray Hills confirmed the merger, which follows an ASIC announcement that it has accepted two separate enforceable undertakings (EUs) from WealthSure.
WealthSure first entered into an EU with ASIC in 2011 after an investigation by the regulator uncovered recurring compliance failures.
Under the new terms of the agreement with ASIC, both WealthSure Financial Services and WealthSure Pty Ltd will enter into separate EUs.
As a result of the merger, the Sentry head office has been “supplemented” by key members of the WealthSure team, said a statement.
Commenting on the merger, Mr Hills pointed to the “combined synergy and compatibility of our respective corporate cultures, values and commitment to the long-term wellbeing of our advisers and their practices”.
“The existing financial terms for the group’s advisers have continued under the agreement with greater industry presence, economies of scale and operational efficiencies expected to deliver further significant benefits to advisers and their clients,” Mr Hills said.
“These include access to a broader product range; extensive choice of personal and professional development programs; innovative client service and retention initiatives; and more efficient strong technical and compliance support.
“We are confident that the opportunities provided by the new broader organisation will have strong appeal for all financial advisers seeking a non-aligned licensee that offers value for money, has a dedicated experienced, stable management team, financial security, infrastructure and the scale to proactively support their practices in the post-FOFA era,” Mr Hills said.
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