Fortnum, PFS launch parent company

Fortnum Private Wealth and its newly acquired advice business Professional Financial Services (PFS) will operate under a newly launched parent company brand, Entireti.

Last November, AZ NGA-backed Fortnum and Nestworth Financial Strategists (formerly Henderson Matusch) took over PFS from Australian Unity for an undisclosed amount.

Nestworth acquired Australian Unity's employed adviser and corporate superannuation services business, while Fortnum took on PFS and its 155 representatives.

Australian Unity's advice unit had $11.2 billion in funds under advice (FUA) at the end of June 2023.

Entireti's chief executive Neil Younger said Fortnum and PFS will "continue to operate under their respective names in recognition of their unique positions in the market, significant goodwill, and the brand equity both businesses have built over many years."

Entireti now employs over 55 staff and services about 400 financial advisers nationally. Its advice businesses collectively oversee more than $30 billion in FUA on behalf of over 60,000 clients.

"The name Entireti perfectly sums up what we are all about. It implies completeness as a unified group, rather than standalone parts. It also reflects our collective strength, community culture and robust foundation," Younger said.

Entireti executive general manager of advice Matt Brown said the new brand would further unite the group's people and empower them under a common purpose.

"We have ambitious plans, which includes expanding the range of services we offer, as we strive to meet the holistic needs of professional advice businesses," he said.

Last year, Australian Unity acquired IOOF's investment bonds business for $40 million.

It recently acquired home care and home support services provider myHomecare Group (MHC) for $285 million.