PSG Wealth has acquired Johannesburg-based independent financial advisory business Progressive Wealth as part of its strategy to enhance its advisory capacity.
Dan Hugo, the chief executive of distribution at PSG Financial Services, said the strategy involved onboarding the capabilities of IFA businesses and corporate advisers, to bring their unique expertise into the PSG fold and broaden PSG’s reach across a wider client base.
“By partnering with Progressive Wealth, we hope to make significant strides towards taking our advice-led approach to South Africa’s growing complement of private clients, business owners, and corporates,” Hugo said.
He said many similar transactions would follow.
The amount of the Progressive Wealth transaction was not disclosed.
PSG Wealth said in a statement the wealth management landscape in South Africa has progressed significantly over the past decade, adapting to meet the need for sound financial planning in an evolving economic climate. Within this context, advisers have played increasingly important roles in providing clients with expert guidance and specialist insight into how to secure a firm financial future.
Progressive Wealth, which was founded in 1991, offers advisory services to private clients, business owners, and corporates throughout South Africa.
Its directors, Ronel Ferreira and Peter-John Marais, have the Certified Financial Planner® designation.
Following the acquisition, Ferreira and Marais head the PSG Wealth Bryanston office. Progressive Wealth’s other staff are also employed by the Bryanston office.
Ferreira joined the financial services industry in 1999 as a broker consultant for Liberty. In 2002, she joined Progressive Wealth as a wealth adviser and later as one of its directors.
Ferreira holds a BCom in Economics from North-West University, an Advanced Diploma in Financial Planning from the University of the Free State, and a BCom Honours in Financial Planning from the University of Johannesburg.
Commenting on the move to PSG, she said: “PSG’s use of cutting-edge technology and streamlined systems will provide us with the impetus we need to introduce new, fresh ways of adding true value to our service offering.”
Marais worked for top-tier financial sector brands, including Liberty and Investec Asset Management, both in South Africa and the United Kingdom. Marais joined Progressive Wealth in 2007, starting as a financial adviser and later becoming a director.
He has a BCom Honours in Industrial Psychology from the University of Johannesburg, and an Advanced Diploma in Financial Planning and Investments from the University of the Free State.
“We remain committed to ensuring the advice and products we offer to our clients are aligned to their needs and will help them achieve their objectives in the long run. Our clients’ financial well-being always remains our primary concern, and we will continue to engage with our clients on this basis,” Marais said.
