Wealth Today buys Sentry Group
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.”
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