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Four advice firms merge, launch Esencia

Four financial advice firms have merged to form Sydney-based practice Esencia Wealth.

Advise Wise, Insight Private Wealth, Sovereign Wealth Partners, and Randle Advisory have joined forces under one banner, which is self-licensed.

Matthew Fenning serves as the chief executive of Esencia. He was the managing director of Advise Wise for more than nine years.

Jeffrey Wrightson takes on the new role of managing partner. He was previously the managing partner and principal adviser of Sovereign Wealth Partners for nine years.

Insight Private Wealth principal Sam Stillone is now the head of growth.

Former Shadforth Financial Group co-founder and director Jim Kilkenny now serves as chair.

More than 1000 clients who include high-net-worth families, professionals, and retirees will now be served under Esencia.

Fenning said the business name derives from the Spanish word meaning "essence".

"The merger of the founding members of Esencia made sense because we found similarities across our business cultures - and cultural alignment is the cornerstone of a successful integration.

"Our purpose is a continuation of the values that each of our businesses held dear, centred on marrying deeply personal relationships with integrity. As we plan to expand further, we will be looking to partner with and acquire other firms that share these values and our aspirations," he said.

John Randle, Samuel Fenning, Nina Kazmierczak, Christopher Forrest, Wrightson, and Stillone are all principals of the new firm.

Fenning said Esencia is committed to championing the professionalisation of the advice industry, as the industry emerges from a period of upheaval to an era of stability and growth.

"By establishing this in our business, we can provide those entering anywhere from the ground floor up with an opportunity to progress and become a partner in the business. This is critical for attracting and retaining talent and, importantly, another marker of professionalism in the advice industry," he said.

Read more: Esencia WealthInsight Private WealthAdvise Wise forChristopher ForrestJeffrey WrightsonJim KilkennyJohn RandleMatthew FenningNina KazmierczakRandle AdvisorySam StilloneSamuel FenningShadforth Financial GroupSovereign Wealth Partners for