4 advice firms merge to create Esencia Wealth
Four financial advice businesses have joined forces to form Esencia Wealth, which has opened its new Sydney office with over 1,000 clients and 10 advisers.
Esencia Wealth has commenced operations following the merger of four Sydney-based advice practices: Advise Wise, Insight Private Wealth, Sovereign Wealth Partners and Randle Advisory.
The new advice business has brought together more than 1,000 clients with a combined history of approximately 100 years. It has 10 advisers and one staff member completing their professional year (PY).
Matthew Fenning, previously the managing director of Advise Wise, will lead Esencia Wealth as its newly appointed chief executive.
The leadership team will also include former Macquarie executive and Sovereign Wealth Partners founding partner, Jeffrey Wrightson, as Esencia managing partner. Sam Stillone, former Insight Private Wealth principal, will take up the head of growth role. Jim Kilkenny, former Shadforth Financial Group co-founder, will step into the chairman position.
Commenting on the merger, Fenning recognised the enhanced opportunities created by bringing the four businesses together as it eyes further growth.
“Our four firms have come together to capture the opportunity in a diverged market to build a world-class advice business – one that enhances the existing ethos of each firm to use financial advice as a mechanism for changing clients’ lives,” the CEO said.
“Our purpose is a continuation of the values that each of our businesses held dear, centred on marrying deeply personal relationships with integrity. As we plan to expand further, we will be looking to partner with and acquire other firms that share these values and our aspirations.”
The business name Esencia is Spanish for “essence”, reflecting the firm’s brand identity to inspire clients, staff and partners to appreciate how quality advice is a key component in achieving their desired future.
Fenning added that the merger of Esencia’s founding members “made sense” because of clear similarities across individual business cultures, noting cultural alignment as a cornerstone of a successful integration.
The advisory firm services client groups such as high-net-worth families, professionals, retirees and medical practitioners, as well as tailored advice for women offered by female advisers.
Expanding their several client niches will be a key business growth strategy in attracting new clients.
Moreover, Esencia is committed to advocating for the professionalisation of the advice industry as it transitions from a period of upheaval to one of stability and growth. This will include creating career pathways for its own staff and new hires.
“Traditionally the advice industry has struggled to develop a transparent career pathway that is commonly found in professional services firms. By establishing this in our business, we can provide those entering anywhere from the ground floor up with an opportunity to progress and become a partner in the business. This is critical for attracting and retaining talent and, importantly, another marker of professionalism in the advice industry,” Fenning continued.
AUTHOR
Jasmine Siljic
Recommended for you
Betashares has named the top Australian suburbs with the highest spare cash flow, shining a light on where financial advisers could eye out potential clients.
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
Estimates for the calendar year 2024 put the advice industry on track for a loss in adviser numbers as exits offset gains from new entrants.
Adviser Ratings shares five ways that financial advice changed in 2024 with an optimistic outlook for 2025, thanks to the Delivering Better Financial Outcomes legislation.
