Brisbane advice firm takes M&A path to expansion
A Brisbane-based financial advice business has announced it expanded its business by merging with another advice practice, as well as purchasing clients from another business in a separate transaction.
Sherrin Partners said in a statement the merger will bring in Brisbane-based Medico Legal Insurance Group’s two advisers and one support staff, taking its total number of advisers and support staff to 20.
The merger, combined with the acquisition of Lauder Financial Solutions clients, takes Sherrin Partners' total funds under advice to $350 million and increases its gross revenue to around $4.5 million, the statement said.
Both Medico and Sherrin Partners operate under the ANZ-aligned Millennium3 licensee group.
Sherrin Partners managing director Jason Kirk said the merger is a great step forward and enhances the firm’s ability to deliver a more holistic advice service to clients.
“While we’ll operate under the Sherrin Partners brand, rolling out our existing business and advice processes to the whole group, we’re also looking to leverage some of the great experience and synergies that Medico Legal Insurance Group and Lauder Financial Solutions brings to this deal,” Mr Kirk said.
“Just one of those is our mutual commitment to servicing clients in intuitive and customised ways, which delivers the best experience for them.”
Millennium3 chief executive Matthew Brown commended Sherrin and Medico on the deal.
“This brings together two great business who between them offer many years’ experience in advising every day Australians on how to build their wealth, better plan for retirement and put in place adequate protection for themselves and their families,” Mr Brown said.
Average Aussie shouldn’t pay an adviser, says AMP
AMP chief executive Francesco de Ferrari says an ‘average’ Australian on an ...
FASEA releases guide to code of ethics
The Financial Adviser Standards and Ethics Authority has put out a guidance docu...
CountPlus firm acquires Latitude Advisory Services
A CountPlus member firm has finalised terms to acquire advice practice Latitude ...