Brisbane based financial advice business, Sherrin Partners, today announced it has expanded its business by merging with another advice practice, and in a separate transaction, purchased the clients from another business.
The merger with Medico Legal Insurance Group, together with the additional acquisition of Lauder Financial Solutions clients, will take Sherrin Partner’s total funds under advice (FUA) to $350 million and increases their gross revenue to approximately $4.5 million per annum.
“This is a great step forward for our business, which increases our scale and enhances our ability to deliver a more holistic advice service to our clients,” said Jason Kirk, Managing Director of Sherrin Partners.
Mr Kirk added “This merger with Medico Legal Insurance Group is very timely and will bring together two businesses which are focussed on client relationships and long term financial planning which puts client goals and lifestyle objectives front and centre of the advice process.”
Medico Legal Insurance Group is a Brisbane-based business with 2 advisers and 1 support staff and from October will operate under the Sherrin Partners brand, bringing the total number of advisers and support staff to 20. Both Medico Legal Insurance Group and Sherrin Partners operate under the Millennium3 licensee group, and will bring together a number of synergies.
“We had been considering a merger and/or acquisition for a long time as we looked at ways we could evolve our business, grow in size, add new clients and bring on some talented advisers and support staff. With the Medico Legal Insurance Group merger, we believe we have found the perfect partner.
While we’ll operate under the Sherrin Partner 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. Just one of those is our mutual commitment to servicing clients in intuitive and customised ways, which delivers the best experience for them,” said Mr Kirk.
Millennium3 Chief Executive Officer, Matthew Brown, commended Sherrin Partners and Medico Legal Insurance Group on the deal.
“This brings together two great businesses 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 added, “I also believe this expansion by Sherrin Partners exemplifies the strength of the Millennium3 community, in that it was borne out of bringing together like-minded professionals and business owners who are looking to evolve with our industry and are positioning themselves for future growth.”
Sherrin Partners is a Brisbane CBD-based financial advice business with 16 years’ of history and bringing together 130 years of collective industry experience from its 7 advisers and partners. The company’s vision – “to be recognised as an industry leading planning, advisory and wealth management firm”, is shared and respected by the employees of Sherrin Partners. Our goal is to make a positive difference in the lives of our clients and we believe this is most successful when relationships are built and nurtured over the long-term. Sherrin Partners aim is to maintain at all times the highest level of service for our clients and strive to place itself as one of the most innovative and competent financial advice firms in Australia.
