WT Financial Group Acquires Millennium3 Financial Services for Strategic Expansion

WT Financial Group Limited (ASX: WTL) is set to acquire 100% of Millennium3 Financial Services Pty Ltd (M3) in a deal scheduled for completion by mid-December 2023. The acquisition, valued at AU$2.01 million on a debt-free, cash-free basis, positions WTL as a major player among financial adviser networks in Australia. M3, with over 140 advisers and a 30-year history, contributes approximately AU$50 million in revenue, AU$4.5 million in gross profit, and over $500k in NPBT annually, enhancing WTL's financial metrics.

The transaction adds about AU$5 billion in Funds under Advice (FuA) and over AU$150 million in in-force risk insurance premium, bringing WTL's FuA to circa AU$23 billion and in-force premium to around $470M. The acquisition aligns with WTL's strategy to leverage its infrastructure for the benefit of supported advice practices, providing a seamless transition for M3 advisers and clients.

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