Matt Fenning
Financial advice firm Esencia Wealth has opened its new Sydney office at Governor Phillip Tower, following the merger of four advice businesses: Advise Wise, Insight Private Wealth, Sovereign Wealth Partners and Randle Advisory.
With over 1000 clients, and a combined legacy spanning over 100 years, the Esencia team are dedicated to helping Australians make life-changing decisions with their money.
Matthew Fenning, newly appointed CEO of Esencia, said: “Our four firms have come together to capture the opportunity in a diverged market to build a world-class advice business – one that enhances the existing ethos of each firm to use financial advice as a mechanism for changing clients’ lives.”
The business’ name means essence in Spanish. The intent of the brand is to inspire clients, staff and partners alike to consider what truly matters, and to understand how quality financial advice is a key driver to achieving the future they desire.
Mr Fenning said: “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.
“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.”
Currently Esencia’s client groups include high-net-worth families, professionals, retirees and medicos, and the business offers advice by women for women. The business’ growth strategy will see a continuation of this house of niches approach to attracting new clients.
The new leadership team of Esencia will also include former Macquarie executive Jeffrey Wrightson as Managing Partner, Insight Private Wealth Principal Sam Stillone as Head of Growth, and former Shadforth Financial Group co-founder and Director Jim Kilkenny as Chairman. The team plans to build on their expertise with additional hires.
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. Part of this includes creating career pathways for its own as well as new staff.
Mr Fenning said: “Traditionally the advice industry has struggled to develop a transparent career pathway that is commonly found in professional services firms. 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.
“The confluence of significant industry change, an ageing population, the multi-trillion dollar intergenerational transfer of wealth, and exponential growth of the superannuation system, places advisers in a critical position in the coming years and decades, in determining the prosperity and quality of life of Australians.”