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WT Financial takes Millennium 3

Mike Taylor21 November 2023
Man walks through failure to success

WT Financial Group has moved to acquire Millennium 3 from Insignia Financial.

The company announced the move on the Australian Securities Exchange (ASX) today saying it would pay $2.01 million on a debt free, cash free basis, with the final purchase price adjusted at completion to reflect an retained working capital.

The announcement said the acquisition was highly synergistic and accretive to earnings and that once fully integration WT Financial expected it to contribute more than $50 million of revenue,

It said Millennium 3 had more than 140 wealth and personal risk advisers.

Mike Taylor

Mike Taylor

Managing Editor/Publisher, Financial Newswire

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Isabelle Drew
3 months ago

Lol – While Sentry and Synchron advisers continue to leave on mass. 🙂

Anony muss
3 months ago

Strange model that says more about their service… buy the group, half leave… retain the rest. they clearly arent good enough to attract advisers organically. must have something to do with the enforcement of pre vetting every SOA and ROA, and also making the advisers pay for it! Isabelle Drew nailed it.

XTA
3 months ago

These licensee are starting to become quite large now. The problem with this is that the vested interests, particularly the listed licensees, means the status-quo of Advisers having to be licensed under an AFSL will remain. You want to make advice more affordable? then do away with qualified advisers having to be under licensees! How many hundreds of millions are spent by advisers under this regime?

Anon
3 months ago
Reply to  XTA

Advisers don’t have to be licensed under a large, vertically integrated, AFSL. They are doing so by choice. There are other better options.

XTA
3 months ago
Reply to  Anon

Which cost more money than it should. If you are talking about self licensing, then how much are you paying v’s you local lawyer or accountant to open the doors?