Sentry confirms Wealthsure merger
Sentry Group, the owners of Sentry Financial Planning, have confirmed its merger with the financial planning business of Wealthsure boosting the group's combined adviser numbers to over 300 and funds under advice to $5 billion.
The deal appears to have gone through around March this year with a brochure for potential customers hosted on Sentry's website, and dated March 2015, listing Wealthsure Financial Services (WFS) as part of the Sentry Group. The deal was also flagged in an announcement by the Australian Securities and Investments Commission regarding changes to an enforceable undertaking (EU) held by WFS.
In a statement released to media today Sentry chair and managing director Murray Hills confirmed the deal and said the existing financial terms for Wealthsure's advisers will continue under the merger agreement.
Wealthsure has been the subject of an EU from ASIC since September 2013 with the business split into two lines and the planning business, WFS, sold to Sentry after it issued share capital to Wealthsure shareholders as consideration for Sentry acquiring all of WFS's issued share capital. The EU was reissued by ASIC and will continue to apply to WFS under the new ownership structure.
The merger places WFS alongside Sentry's other three businesses - Sentry Financial Planning, Sentry Financial Services and Sentry Wealth Management - each operating under their own Australian Financial Services Licence (AFSL)
In the statement Hills said Wealthsure staff had merged operations with existing Sentry head office management and state based operations.
He also said the Wealthsure advisers would have a greater industry presence, economies of scale, access to a broader product range and an efficient strong technical and compliance support.
AUTHOR
Jason Spits
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