Advice firms announce merger

The firm catering exclusively to high-net-worth clients and not-for-profits is merging with Perth-based Redwood Wealth Alliance, Koda confirmed in a statement this week.

The merger will see Redwood become a part of the broader Koda Capital professional partnership, with Redwood personnel poised to gain partnership equity in Koda.

Commenting on the merger, Koda chairman Steve Tucker said: “Koda’s independent advice model has enabled us to provide a compelling offer to clients, grow client funds to scale and deliver strong revenue and earnings growth for our shareholders”.

“Our merger with Redwood provides Koda with a strong platform to bring this offering to clients in the important, dynamic and growing Western Australian market,” Mr Tucker added.

Established in 2014, Koda currently boasts 46 partners, including 38 advisers managing in excess of $10 billion of client funds.

Redwood was founded 26 years ago with the aim to bring together professional investment expertise and strategic advice to busy high-net-worth individuals. Today, the team has over 20 professionals with seven advisers.

Paul Begley, Redwood managing director, believes the merger will enhance Redwood’s offering to clients, allowing it to also achieve its long-term strategic objectives.

“Our relationship with the Koda team, together with our aligned culture and purpose, meant there was only one natural choice when it came to answering the question about a partnership,” said Mr Begley.

“Koda is the natural future home for Redwood clients, our team, and our partners as we continue to grow and deliver financial peace of mind to our clients in Western Australia.”

Partnership the only answer

In a separate media release issued by Redwood, it confirmed that while joining another firm was not originally on its agenda, “we recognised that to achieve our strategic objectives in an appropriate timeframe, partnering with another business could help”.

“We have grown from a small to a medium-sized business, and like Koda, we realise what got us here won't get us there,” Redwood said.

“Our relationship with Koda together with our aligned culture and purpose, meant there was only one natural choice,” it continued.

Moreover, the firm acknowledged that this move would offer its staff “clearer career pathways”.

“This environment and culture, provides the long-term opportunity our team members are looking for.”