Two financial planning middleweights have muscled up to create a new financial services group with clout.
Sentry Financial Services and Epic Adviser Solutions have formed Sentry Group Australia (SGA), effective from July 1.
The merged entity will have 120 advisers and $1.46 billion funds under administration.
“It gives us economies of scale and clout for negotiations with product and service providers,” Sentry Group chairman and chief executive officer Murray Hills told InvestorDaily.
SGA acquired Epic Adviser Solutions from Questus Capital Group in exchange for shares in SGA. No cash changed hands.
The companies will amalgamate their back offices and share an approved product list, but continue to operate separately under their own licences. SGA will own the licences.
“Sentry had been in discussions with a large institution that has a dealer group themselves; they approached us to look at a merger. Epic became involved … and we merged with them because we wanted to remain non-institutionally aligned,” Hills said.
SGA is already pursuing mergers and acquisitions. It is in talks with a boutique practice of 18 advisers, Hills said.
Questus and Epic chairman David Somerville said the merger enabled Epic advisers to gain the benefits of working in a larger group.
Sentry Group national business development manager Colin Scott has been appointed SGA executive director. Somerville and Jamie Kelly are SGA non-executive directors.
Sentry Financial Services WA state manager Sue Viskovich will take on the same job for the new entity.
