2 advisory firms merge to form a multidisciplinary ‘super firm’

Eureka Whittaker Macnaught (EWM) and Foster Raffan iPlan have merged to form a large, multidisciplinary firm with 44 employees, including 20 financial advisers operating across six locations in NSW and Queensland to serve around 2,500 engaged clients.

This merger is the third transaction for EWM in 12 months, following mergers with financial planning firms Blue Harbour Financial Partners and Logiro.

The firm said the steady growth in the last year signals EWM’s intention to maintain its momentum as it pursues growth, expanding its capabilities and capacity through “both M&A and organic activity”.

EWM chief executive Greg Cook said the group is focused on reducing the cost to serve – a goal that they have already started to progress on through these mergers – though this has, of course, required some upfront financial investment in order to reap those rewards.

“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,” Cook said.

“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.”

Cook added that the group’s increased M&A activity of late reflects EWM’s commitment to building a “super firm” that is designed to deliver advice at a more accessible price point for Australians.

“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,” he said.

Based in North Sydney, Foster Raffan iPlan is co-led by Daniel Molesworth and Robert Wood.

Speaking on the announcement, Molesworth said this merger allows the firm’s employees and clients to tap into the benefit of being part of a larger entity that can be otherwise out of the grasp of smaller businesses.

“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,” he said.