Fortnum and PFS merge under new parent company

In November last year, Fortnum completed its acquisition of Australian Unity Personal Financial Services (now called PFS) which saw Fortnum welcome an additional 170 advisers into its network.

On 22 April, the group announced it has created a new parent company to operate under, called Entireti.

The two firms will unify under the overarching brand identity of Entireti which covers its business services and licensing offerings.

Neil Younger, Fortnum group chief executive and managing director who has now become Entireti’s chief executive, said Fortnum and PFS will retain their respective names in recognition of their brand equity and unique positionings in the advice market.

“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,” he described.

“We see a great opportunity to drive the evolution of our industry over the coming years and for Entireti to be recognised as Australia’s leading advice services business.”

Under the Entireti group, the firm employs over 55 staff with approximately 400 advisers across the country. Its 170 advice businesses collectively oversee more than $30 billion in funds under advice for over 60,000 clients.

Matt Brown, Entireti executive general manager of advice, believes the new brand identity will bring together and empower the group’s staff under a common purpose.

“We’re already one of Australia’s premier business and licensing services organisations, which is reflected in our network of exceptional advisory firms, and we want to help more advisers deliver quality advice and grow their business.

“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.

Earlier this month, Younger told ifa sister brand Money Management that while the PFS deal brought additional scale into the business’ operating model, the firm is unlikely to do more M&A in the immediate future.

“Both Fortnum and PFS have had a healthy and steady growth rate organically in terms of advisers that are in the market looking for new licensing solutions. In our view, they both have attractive value propositions, receive strong adviser attention and good growth in terms of new businesses assessing them as a suitable home,” the CEO explained.

“There’ll be more [M&A deals] on the landscape for the future, but for us as market participants, our focus has been on ensuring we’ve got the right support structures to run these two businesses well. Adding the benefits of scale into those businesses effectively is really where our focus is.”