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SFG abandons WHK merger bid

SFG Australia has withdrawn its proposal to merge with WHK Group, but will stay committed to a business model that converges accountants and financial planners. 

In a statement to the Australian Securities Exchange, SFGA announced it has withdrawn the proposal for a friendly scrip based merger, following discussions with WHK leadership.

However, it is open to considering a revised proposal "once the parties are in a position to review each other's full year FY13 performance and FY14 outlook," the statement said.

In announcing the decision, SFGA reiterated its views on the convergence of the financial planning and accountancy professions.

"SFGA remains of the view that the convergence of financial advisors and accountants will continue and that a combined SFGA and WHK would be uniquely positioned to provide enhanced services to these clients," it said.