Advice firm trio merge to form new Sydney entity
Three advice firms – Talem, Assure and Plenary Wealth – have merged to create a Sydney-based advice business.
The merger announcement names Joshua Cratchley, former principal of Plenary Wealth, as CEO of Walker Lane Group. He will be supported in his new role by fellow founders Sam Carroll of Talem Wealth, Patrick Casey of Assure Wealth and Joel Taylor, former managing director of Fortnum Private Wealth.
Citing the desire to confront the issue of adviser capacity as the driving motivation for the trifecta merger, the company drew attention to the looming $3.5 trillion wealth transfer set to take place over the next 20 years, warning the current advice sector is not equipped to handle the transfer over workforce shortages.
“Amid this, some projections show financial adviser numbers could shrink from 15,500 to as low as 5,000 over the same period if nothing changes,” the newly formed company said.
Ambitious out of the gates, Walker Lane said it will aim to transform the structure of large advice firms through “full integration from day one, enabling scale and rapid growth without sacrificing personalisation and client relationships”.
“The group plans to become one of the largest and most recognisable financial advice brands in Australia by the end of the decade, targeting 300 clients per senior adviser,” it added.
“Established in 2018 to provide traditional licensing and investment services to its businesses, Walker Lane – in its second iteration - has unified the three founding firms under one brand with a consistent approach to everything it does.”
Referencing the wealth transfer, Cratchley highlighted how advisers are likely to become the most sought-after profession in Australia.
“Yet as an industry, we’ve done little to prepare for this challenge,” he stated.
“The traditional structure of financial advice firms is inefficient, which we can no longer afford as a profession. Walker Lane wants its advisers to lean into the challenge – if we solve problems together, we'll be able to meet the demand that is coming our way.
“For us, the only way was to integrate into one firm and take the time-consuming tasks off our advisers’ plates.”
He concluded that while Walker Lane is not looking to be the biggest firm in the country, they want to be the most efficient.
“[We want to be] the most integrated, the most advanced – with the best technology and the strongest adviser support possible. Where advisers are freed from the daily grind to do what they do best."
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