Sentry acquires AFG Financial Planning
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Sentry Group has announced its acquisition of the Australian Finance Group’s financial planning arm, Australian Finance Group Financial Planning (AFGFP), increasing its number of advisers from 190 to 310.
The combined entity will see Sentry’s funds under management (FUM) soar to $2.2 billion.
The acquisition is the result of a review of AFGFP’s operations. AFG acknowledged that it required a specialist industry partner within the financial planning marketplace.
According to a Sentry statement, a number of AFGFP’s administrative and support staff will transfer to Sentry as a result.
Both businesses will continue to operate under their individual brands and licences, while AFG will become a shareholder in Sentry Group, which is partly owned by ING Australia.
The acquisition will see Sentry and AFGFP advisers getting access to “a broader approved product list, [an] extensive range of personal professional development programs, innovative client service and retention initiatives and more efficient compliance support”, Sentry chief executive Murray Hills said.
Sentry and AFGFP have also agreed to implement a cross marketing program that will strengthen their marketplace offering and provide additional business growth and client service opportunities, Hills said.
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