Financial planning firms Shadforth and Snowball have announced their intention to merge to create a $14.3 billion wealth management business with 188 financial advisers nationally.
The transaction is conditional on 90 per cent acceptance by Shadforth shareholders, who will hold 71 per cent of the merged company on completion of the deal.
"This is a unique opportunity to bring together two like-minded and client-focused organisations that will be well positioned to pursue organic and acquisition growth opportunities as a truly non-aligned financial advice group," Mr Gannon said.
Shadforth's Tony Fenning said the deal provided a firm base for further growth.
"We have multiple client segments, advice channels and advice implementation solutions," Mr Fenning said.
"We will be able to use our scale to drive growth and to access margins across the value chain. We will also be uniquely placed to drive further industry consolidation."
"One of the attractions of the merger is the diversity of the advice business models that underpin a leading national advice and wealth managemenu business with employee, franchised and third-party advice channels.