Wealth Today buys Sentry Group

15 June 2021
| By Oksana Patron |
image
image
expand image

WT Financial Group Limited, the ASX-listed parent company of national financial advisory dealer group Wealth Today, has entered into an agreement to acquire 100% of its industry peer, Sentry Group Pty Limited.

The company said in the announcement to the Australian Securities Exchange (ASX) that WTL had undergone a transformational restructure over the past three and a half years and reduce our focus on business-to-consumer (B2C) financial services and emerge as a primarily business-to-business (B2B) enterprise.

WTL managing director, Keith Cullen said: “The acquisition of Sentry extends this strategy and sets the platform for further significant growth”.

On completion of the acquisition Sentry director (and shareholder) Michael Harrison would join the WTL board as a non-executive director, while Sentry managing director (and shareholder) David Newman would  assume the role of WTL joint-COO focussing on business development and management of west coast operations – and will also remain as managing director of the Sentry subsidiary.

Current WTL COO, Frank Paul, would focus on east coast operations and head WTL’s risk management processes, while current WTL head of advice Jack Standing; current Sentry head of legal & compliance Shelly Radford; and current Sentry head of finance, Ricton Jones, would each assume expanded responsibilities across the group.

“While we will continue to operate both the Wealth Today and Sentry B2B brands, merging our operations provides a powerful combination and expanded resources,” Sentry managing director, David Newman, said.

“The alignment we have on key philosophical and operational issues, coupled with the complementary nature of the IP, skills, and experience across the two businesses, presents for a seamless integration to the benefit of our advisers and their clients.”

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

1 month 4 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

3 weeks 3 days ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 2 days ago

The Federal Court has made interim orders to freeze the assets of a managed investment scheme, its responsible entity, and a director....

1 month ago

TOP PERFORMING FUNDS