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Multi-service firm broadens reach with new acquisition

A multi-service financial advisory firm has announced the acquisition of a Western Sydney-based peer group as part of an ongoing strategy to expand its network.

M&A Charbel Kadib 25 July 2019
— 1 minute read

Financial planning firm Eureka Whittaker Macnaught has acquired Parramatta-based firm Warren McHattan Financial Services, which, like the former, operates under the licence of Commonwealth Bank subsidiary Financial Wisdom.

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Warren McHattan Financial Services has become the fourth financial planning office to be acquired by Eureka Whittaker Macnaught as part of a revamp of the multi-service firm’s business model.

Following the announcement, Eureka Whittaker Macnaught’s chief executive, Greg Cook, said the acquisition aligned with the firm’s strategic plan, which it has dubbed “EWM 4.0”.

“We have thought about the advice business we would design if we were a 2019 start-up and we are on schedule to evolve Eureka Whittaker Macnaught to that model by December 2020,” he said.

“This adds to other changes we have made, such as moving to flat client fees in 2016. We are looking forward to making our Parramatta office a part of all that.”

Mr Cook claimed that the firm’s “strong balance sheet” has allowed it to proceed with the acquisition with “little risk” involved, and added that the group would consider further acquisition opportunities in light of the “FASEA-based generational change”. 

Eureka Whittaker Macnaught’s chief executive also took the opportunity to thank Warren McHattan, principal of Warren McHattan Financial Services, for his cooperation throughout the acquisition process.

“Warren’s business is a great fit for us, and we believe we can roll out a wider value proposition to its clientele,” Mr Cook said.

“Warren and I have known each other for 27 years. As with getting advice, it’s great to deal with someone you know and trust.”

Mr Cook noted that Warren McHattan’s support staff will now join Eureka Whittaker Macnaught, adding that over the next 18 months, Mr McHattan will introduce clients to the advice team at Eureka Whittaker Macnaught.

Mr McHattan will retire at the conclusion of the 18-month period.

Eureka Whittaker Macnaught offers Australian consumers financial advice across a range of speciality areas, which include investment strategies, aged care advice, SMSF services and life risk services.  

The group has 10 financial planners in a team of 25 employees, spread across offices in Brisbane, NSW’s Central Coast and the Sydney CBD, with Parramatta now included in the fold.

“This approach allows the business to take care of the complete financial needs of all our clients, while also providing opportunities for business clients to partner with industry professionals in a business capacity,” Mr Cook concluded.

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Multi-service firm broadens reach with new acquisition
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