Financial services company WellsFaber has formally merged with Mazars Financial Services (MFS) to form an independent financial services provider with over 30 years’ experience and a client portfolio worth some R2.6bn.

The combined entity will be known as WellsFaber.

MFS has been jointly owned by global auditing firm Mazars Cape Town and WellsFaber for the last 14 years.

The merger follows the appointment of Carol Axten in 2014 as CEO of both entities.

Axten said that it has become increasingly evident that combining the talent and resources of both firms is too great an opportunity to be missed.

“Combining the two companies allow us to pool our talent and resources to provide all of our clients with a market leading, premium brand of holistic financial advice to meet their wealth management needs," she said.

“The efficiencies that derive from a combined business enable us to step up our service to clients, improve the quality of our advice, and ensure stronger governance, more transparency and better compliance. As we do not have our own internal investment solutions and outsource all investment decisions, we can offer truly independent advice as we are not incentivised financially to invest in one solution over another. We aim to find the optimal solution to suit our clients,” she added.

The merged business will have two offices, one in Century City with the other in Tannery Park, Rondebosch.

Axten said that all current advisors and support staff will remain very much a part of WellsFaber and form the foundation for the future of the combined business.

The majority shareholders of the combined entity are global auditing firm Mazars and RECM Holdings, the holding company of privately owned global value manager Regarding Capital Management (RECM), which acquired a 70% stake in WellsFaber in 2014.

“Both companies represent brands with a significant amount invested in their reputation, and their association with WellsFaber is testament to the high standard of governance, transparency and advisory ethics that we espouse, and will continue to uphold,” said Axten.

WellsFaber’s board of directors includes three actuaries and three chartered accountants.

The board is led by Niel Krige, a Professor at the Business School of the University of Stellenbosch who has many years of valuable experience in business and the financial services industry.

“We look forward to continuing ou journey with the clients whom we have served for many years, as well as future clients that we will assist with our brand of holistic wealth management and sound financial advice,” Axten said.