Sentry Financial Group (Sentry) has grown adviser numbers from 73 in March 2008 to more than 310 to date, and has also signalled that it plans to recruit further advisory groups and practices.
The national dealer group’s most recent acquisition comprised the Australian Finance Group’s (AFG) financial planning arm, Australian Finance Group Financial Planning (AFGFP), which was announced yesterday.
Sentry chief executive Murray Hills said the acquisition of AFGFP, which currently has 190 advisers across Australia, would significantly bolster Sentry’s position in the marketplace by increasing its network to more than 310 advisers nationwide, with a total $2.2 billion in funds under advice.
AFGFP and Sentry will both continue to operate under their individual brands and licences, although a number of administrative and support staff will transfer to Sentry, Hills said.
Furthermore, under the terms of the arrangement AFG will become a shareholder in Sentry.
“The acquisition of AFGFP has accelerated Sentry’s long-term national growth objectives and will provide a significant base for future recruiting and acquisition endeavours,” Hills said.
Prior to its acquisition of AFGFP, Sentry acquired a 50 per cent stake in a large Western Australia-based financial planning practice, Planwise Financial Services, in October 2008.
A month earlier it gave itself a stronger presence in Queensland with the acquisition of boutique dealer group Keating McCullough.
In March 2008, Sentry confirmed a strategic partnership with ING Australia, which saw ING acquire a 37.5 per cent stake in the dealer group. It was hoped this would support Sentry’s ambitious growth aspirations.
When the deal with ING was announced Sentry had just 73 advisers, the group reported.
