Professional advisory firms Eureka Whittaker Macnaught (EWM) and Foster Raffan iPlan have merged.
The combined entity has 44 employees, including 20 financial advisers, 2,500 clients across New South Wales and Queensland, and approximately $7m of in-force premiums.
Last year EWM merged with financial planning firms Blue Harbour Financial Partners and Logiro.
Greg Cook, EWM’s CEO, says the recent mergers have already delivered some scale benefits for the firm, including operational and cost efficiencies.
“We starting to see some improvements,” says Cook. “It takes time for the benefits of M&A to flow through, but they are starting to emerge and will only increase from here.”
He says the group’s heightened M&A activity reflect Cook’s ambitions to build what he calls a “super firm”.
“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 says.
Daniel Molesworth, Co-founder and Senior Financial Planner, Foster Raffan iPlan, says the deal enables employees and clients to tap into a broad range of specialist capabilities including aged care, estate planning and life insurance advice.
Both EWM and Foster Raffan iPlan are part of advisory group AZ NGA.
