Morrows merges with accountancy firm
Financial services firm Morrows has announced a strategic merger with MSI Ragg Weir, an accounting, wealth management, auditing and superannuation firm, as more accountancy firms see the benefit of offering advice capabilities.
The companies hoped that the merger would see the combined business offer a strengthened range of advice services.
“This merger will strategically transform the current operations of Morrows, giving both MSI Ragg Weir and Morrows a strengthened position as an ‘Advice House’ in the market,” chair and director of Morrows, Murray Wyatt, said.
“Additionally, both companies are looking to provide greater opportunities to employees, an enhanced client experience and to allow our respective communities to flourish together.”
Morrows also welcomed the international reputation MSI Ragg Weir had, saying that it would allow the firm to more effectively provide clients with advice or contacts with like-minded advisers internationally.
The two firms said that the merger reflected that more accounting firms were understanding the potential importance of joining with advice firms to future growth.
“Many accounting firms are learning of the benefits of sharing resources, geographies, and complementary skills. Morrows and MSI Ragg Weir are both trusted names in their respective markets. They are now even better positioned for strategic growth,” MSI Ragg Weir managing partner, Ian Jenkins, said.
The merger would see six MSI Ragg Weir partners become principals of Morrows, with all employees of the accounting firm to be offered roles with the merged company.
AUTHOR
Hannah Wootton
Recommended for you
The regulator has convened multiple sitting panels of the FSCP regarding AFSL breach reports which have identified poor superannuation advice from financial advisers.
One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures.
AFCA remains firm on its stance that industry failures occurring in the financial advice sector are fundamentally an advice issue, rather than a product issue.
A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and professionalism”.
