WT Financial Group completes acquisition of Millennium3 Financial Services

WT Financial Group Limited (ASX: WTL), a prominent financial services entity, is pleased to announce the successful completion of acquiring 100% of the issued capital of Millennium3 Financial Services Pty Ltd (M3) from Insignia Financial Limited (ASX: IFL). This strategic acquisition, funded entirely through cash at hand, marks a significant milestone in the expansion of WTL’s financial advisory network.

Millennium3 – A Boost to WTL’s Network and Earnings

The acquired M3 network is a well-established entity in Australia’s financial advice landscape, boasting around 140 wealth and personal risk insurance advisers operating in over 75 privately-owned practices nationwide. Its roots extend over 30 years, making it one of Australia’s most reputable financial advice networks. WTL forecasts that, once fully integrated, the acquisition will substantially enhance the Group’s financial metrics. The anticipated annual contributions include more than A$50M in revenue, approximately $4.5M in gross profit, and over $500k in Net Profit Before Tax (NPBT).

Impact on WTL’s Funds Under Advice and Insurance Premium

The inclusion of M3 brings an additional circa $5Bn in advised funds and over $150M of in-force risk insurance premium under WTL’s umbrella. This expansion elevates the total funds under advice in WTL networks to approximately $23Bn and in-force premium to around $470M, significantly strengthening WTL’s position in the financial services market.

CEO Keith Cullen on the Acquisition

Keith Cullen, CEO of WT Financial Group, commented on the acquisition, stating, “The Acquisition further cements WTL as amongst the very largest financial adviser networks in Australia. We’re delighted to welcome the M3 cohort of practitioners and their support teams to WTL, where they’ll find an ideal home—one where we know they can and will flourish at this time of unprecedented opportunity for advice professionals and advice network operators alike.”