Diversified financial services provider WT Financial Group will acquire Synchron, a privately-owned advice group.

The total vendor consideration for the purchase is up to $7.96 million, payable over two years in a combination of cash and shares, and subject to various terms and conditions.

WT Financial Group says the acquisition will make it the largest independent, non-institutionally-owned and non-product producing financial adviser network in Australia.

Post-acquisition, it will have more than 600 advisers, $360 million plus in-force annual insurance premium and $25 million plus in new insurance premium sales per annum.

Synchron founders Don Trapnell and John Prossor will continue working in the business with Mr Trapnell assuming the role of chairman of WTL’s Synchron subsidiary.

“It is a highly synergistic acquisition and is significantly accretive to earnings - the resulting scale will set the course for future expansion and more depth in our offerings for advisers,” WT Financial Group CEO Keith Cullen said.

“WTL will benefit from Synchron’s line of talented state managers who will add significant value to the overall group structure.

“The landscape within the financial advice sector has a strong outlook, and the synergies created from the acquisition position us for further growth.”

Mr Trapnell says selling Synchron to WT Financial Group represents the next stage of growth for the advice group.

“With WT’s focus on outcomes for its advisers, and its strong strategic direction, the Synchron business will benefit from integration into the WT business,” Mr Trapnell said.

“Both myself and [Mr Prossor] are excited at becoming shareholders of WT and we both look forward to contributing to the expanded group operations and to creating further value for all WT shareholders.”