Saskatoon-based independent financial services provider Sentinel Financial Group has acquired ASF Advisory Group Inc., a managing general agency (MGA) also based in Saskatoon, the firms announced on Wednesday.
Established in 1979, ASF Advisory Group was one of the first insurance brokerages in Canada. The firm has advisors in Saskatchewan, Manitoba and Alberta.
“ASF have deep roots in the Prairies and impeccable reputation. We are incredibly proud to welcome them to the Sentinel team,” says Fred Wing, CEO of Sentinel, in a statement.
Joe LaPointe and his former partner Gary Skeates founded ASF. The LaPointe family, along with managing partner Lenard Cole, currently manages the company.
“My husband and I built this business on the principles of integrity, trust and service. We believe in treating our advisors like family,” says Jacquie LaPointe, president of ASF, in a statement. “We wanted to partner with a company that shared that philosophy and could help us expand the opportunities available for our advisors.”
The acquisition is the latest step in an aggressive growth pursuit for Sentinel. Earlier this month, the firm entered into an alliance with Saskatoon-based benefits consulting firm Regency Advisory Corp. to form a new MGA. That followed the September 2016 acquisition of Sentinel by Calgary-based holding company Connect Financial Services, which indicated that it had plans to expand Sentinel aggressively.
“This is a good-news story for Sentinel, obviously, but also for our new partners and all of their advisors across Western Canada,” Wing says. “Our growing strength in the financial services industry will help us provide greater prosperity and security for our advisors’ and their clients.”
Sentinel has approximately 300 independent advisors. Merlin Chouinard, former president of Independent Financial Brokers of Canada, owned Sentinel before selling it to Connect Financial Services. He remains as Sentinel’s president.
Photo copyright: sprokop/123RF