Sentry and Synchron acquisitions deliver for WTFG
The acquisition of Sentry Financial Group and Synchron have paid off for WT Financial Group with the company turning its 2021 $998,000 loss into a $2.35 million profit.
Releasing its audited full-year accounts to the Australian Securities Exchange (ASX), the company said that total revenue and other income was up 664%.
Commenting on the result, WT Financial Group chief executive, Keith Cullen said the company’s successful acquisition and renovation strategy with Sentry and Synchron had helped drive the Group’s primary business to business operations to an operating profit before tax of $3.34 million.
“With Synchron contributing to the B2B division’s revenue for just three and a half months of the financial year we are looking forward to a very positive FY2023 with the benefit of a full-year contribution from the acquisition.
“We have built the right scale to enable us to continue to expand our range of services to support our advisers at a time when the demand for advice continues to grow,” Cullen said.
That’s some profit! Quite possibly the proof that it’s far cheaper as an adviser to run your own AFSL than to fund the salaries and costs of a larger dealer group who still make a massive profit out of your significant dues.