AZ NGA advice practices merge to create super-sized firm
Eureka Whittaker Macnaught (EWM) and Foster Raffan iPlan have merged to form a multidisciplinary firm.
The two advisory practices are both a part of the AZ NGA network and now have 20 financial advisers collectively, servicing 2,500 clients across six locations in NSW and Queensland.
It marks EWM’s third M&A transaction over the past year, having already merged with financial planning firms Blue Harbour Financial Partners and Logiro in 2024.
According to EWM, its merger with North Sydney-based Foster Raffan iPlan reflects its plans to continue growth via both inorganic and organic opportunities.
Greg Cook, EWM’s chief executive, said the business’s recent mergers have begun delivering the benefits of scale such as operational and cost efficiencies that are set to accelerate in the future.
“We are focused on reducing our cost to serve and we are starting to see some improvements but we’ve had to work very hard and spend some money upfront, for example on getting our technology right, to bank ongoing savings,” the CEO commented.
“It takes some time for the benefits of M&A to flow through, but they are starting to emerge and will only increase from here. We have a strong balance sheet to assist us in our move from financial planning to wealth management, adding services like mortgage broking. We are also growing our partnerships with industry funds.”
Aligning with AZ NGA’s strategy of building “super-sized advice firms”, EWM also has ambitions to generate further scale to deliver advice to more Australians.
Cook added: “As an aspiring national firm, EWM is strongly positioned to innovate and provide different advice propositions, including a lower cost service, to make advice more affordable and accessible.”
Daniel Molesworth, co-founder and senior financial planner at Foster Raffan iPlan, said its employees and clients will benefit from being part of a larger firm. This includes having a corporatised structure, dedicated management team, and a wider range of specialist capabilities.
“Through this merger, our clients can access in-house specialists who focus on areas like aged care and life insurance all day, every day, which will also release Rob and I to focus on our strengths,” Molesworth said.
The announcement comes alongside research from Zenith Investment Partners that recently found an overwhelming majority of advice practices (84 per cent) said they are expecting growth over the next two to five years.
Out of this, 17 per cent said they are forecasting “high growth” where they plan to significantly expand their client base through organic growth and practice acquisitions.
AUTHOR
Jasmine Siljic
Recommended for you
The Finance Sector Union has branded AMP’s confirmation that it will not use surveillance and monitoring on employees in their homes a “win” for the union.
While the measures in this year’s federal budget may seem minimal, MLC has broken down the “little pieces of gold” and client opportunities for financial advisers to maximise.
High-net-worth investors, who are “disenfranchised” with the traditional options available to them, are moving into the non-custodial solutions, with advisers citing client preference as the top factor influencing their usage.
Self-licensing specialist My Dealer Services has teamed up with Colonial First State to deliver technical support to its network of over 400 self-licensed financial advisers.
