Four Sydney advice firms merge

Mike Taylor

Managing Editor/Publisher, Financial Newswire

4 June 2024

Four financial planning firms have merged to form a new, larger business, Esencia Wealth, under the chairmanship of former Shadforth Financial Group co-founder and director, Jim Kilkenny.

The merged group has signalled its aspiration to grow further through mergers or acquisitions with like-minded firms.

The four planning firms forming the merger are Advise Wealth, Insight Private Wealth, Sovereign Wealth Partners and Randle Advisory.

Advise Wealth represents the largest of the four entities making up the new entity all of which are based in the Sydney central business district.

The chief executive of the newly-merged group is Advise Wealth managing director, Matthew Fenning with the joint announcement saying the new entity would boast more than 1,000 clients.

Commenting on the merger Fenning described it as four firm coming together to capture the opportunity in a diverged market to build a world-class advice business.

“Our purpose is a continuation of the values that each of our businesses held dear, centred on marrying deeply personal relationships with integrity. As we plan to expand further, we will be looking to partner with and acquire other firms that share these values and our aspirations,” he said.

“Traditionally the advice industry has struggled to develop a transparent career pathway that is commonly found in professional services firms. By establishing this in our business, we can provide those entering anywhere from the ground floor up with an opportunity to progress and become a partner in the business. This is critical for attracting and  retaining talent and, importantly, another marker of professionalism in the advice industry.”

“The confluence of significant industry change, an ageing population, the multi-trillion dollar intergenerational transfer of wealth, and exponential growth of the superannuation system, places advisers in a critical position in determining the prosperity and quality of life of Australians,” Fenning said.

The merger announcement said the new leadership team would include former Macquarie executive, Jeffrey Wrightson, as managing partner, Insight Private Wealth Principal, Sam Stillone as Head of Growth and Kilenny as chair.