Esencia merges with HNW advice practice

A Sydney-based practice advising high-net-worth (HNW) individuals is merging with Esencia Wealth, adding some 250 clients and two senior advisers to the firm.

Generation Wealth Partners is joining Esencia Wealth, also based in Sydney, saying the merger represents "the next chapter" in its journey to provide a broader range of specialist capabilities and deeper expertise across the business.

The merger brings Generation Wealth Partners principals Peter Lee and Joe Jutrisa to Esencia Wealth, with both joining as partners and senior financial advisers.

In addition, the merger expands Esencia Wealth's presence in the HNW market, the firm said.

Commenting, Esencia Wealth chief executive Matthew Fenning said the merger reflected the growing number of advice businesses looking for a long-term partner that aligned with their values and approach.

"Peter and Joe have built a great business based on trust, strong client relationships and a genuine commitment to doing what's best for their clients. Their values, approach and focus on client outcomes align closely with the culture we are building at Esencia," Fenning said.

"By joining Esencia, Peter and Joe can spend more time focused on what they do best, helping clients achieve their goals through great advice, while their clients benefit from the broader capability, resources and depth of expertise across our business.

"It also creates the capacity for them to help more Australians access great financial advice in the years ahead. Generation Wealth Partners is a great example of how we can preserve what makes a business special, and we're delighted to welcome Peter, Joe and their clients to Esencia."

Lee said: "We started Generation Wealth Partners because we believed there was a better way to serve clients and their families, with genuine relationships, personalised advice and a real focus on the long term."

"Joining Esencia Wealth means we can keep delivering on that promise, while giving our clients access to the depth of expertise and resources that come with a growing national firm."

Meanwhile, Jutrisa added the decision to merge was "straightforward" based on the relationship between the two businesses.

"We have a shared vision about the kind of firm we want to be part of, and the kind of advice we want to deliver. I'm excited about what we can offer our clients as part of Esencia and the opportunities that lie ahead as we continue helping them achieve their financial goals," Jutrisa said.

Esencia Wealth was formed with the combination of Advise Wise, Insight Private Wealth, Sovereign Wealth Partners, and Randle Advisory in June 2024.

Since its formation, the group has expanded into Queensland earlier this year and completed another merger with Cove Financial Group in June.

Fenning said the series of mergers is aligned with the firm's ambition to build an "enduring world-class" advice business, adding that more strategic growth initiatives are expected to come before the end of the year.

"We are building a firm where great advisers can do the best work of their careers and where clients receive the advice they need to achieve their goals with confidence," he said.