Dealer group, Synchron, has been acquired by WT Financial Group Limited.
According to WTL MD, Keith Cullen, this major acquisition cements the firm as the largest non-institutionally-owned, non-product-producing financial adviser network in Australia.
This latest development follows the group’s acquisition of Sentry Group in May 2021 (see: Sentry Acquired by Wealth Today).
A release announcing the acquisition notes the combined group will see more than 600 financial advisers authorised via Wealth Today, Sentry and now Synchron.
The release notes Synchron was acquired for a consideration of $7.96M in a combination of cash and WTL shares, and that the firm’s founders Don Trapnell and John Prossor will continue working in the business, with Trapnell assuming the role of Synchron chairman.
According to Trapnell, WTL understands the Synchron culture and embraces the same values: “We thought very carefully about the cultural fit, and we are delighted that the Synchron we all know will continue,” he said.
The release confirms the Synchron name will remain and all scheduled Synchron events will proceed as planned.
Referencing the increasingly important element of scale in Australian advice firm networks, Cullen, said this acquisition “…establishes the right scale of operations to enable us to provide the critical support that advisers in our modernised industry demand. The resulting scale will set the course for future expansion and more depth in our offerings for advisers.”
