Drew Meredith

Jamie Nemtsas and Drew Meredith, directors of Wattle Partners, a self-licensed, boutique financial advisory firm have announced the acquisition of the highly respected independent asset consulting firm Atchison Consultants.

Founded in Melbourne in 2001 by Ken Atchison, Atchison Consultants is renowned for offering investment consulting across the financial services industry, including areas of asset and investment consulting, research and portfolio construction advice for institutions, foundations, financial advisory firms and other professional investors.

Atchison Consultants Principal and industry leader, Ken Atchison, will continue to head the group for the next three years.

There will be no operational changes to the business, with Atchison Consultants to continue operating independently of Wattle Partners. Jamie Nemtsas and Drew Meredith will become non-executive directors.

The acquisition provides Atchison Consultants with additional resources to continue developing its capabilities in an evolving research and consulting industry. A capital infusion will be made, investing further into the highly regarded in-house analytical team, and seeking to bring together parts of the fragmented industry.

The investment comes after Wattle Partners has spent several years seeking to partner with an external asset consultant to assist in further professionalising their growing business. It was through these extensive due diligence discussions that the partnership arose.

The trend for financial advisory groups to engage external experts like Atchison Consultants has been growing in recent years as the industry deals with additional critical issues like governance and due diligence, notes Mr Nemtsas, Director and Partner at Wattle Partners.

Mr Nemtsas says: “The past five years has seen a proliferation of new wealth-focused asset consultants. However, some of these groups lack the necessary depth and breadth of knowledge, experience and stability. This creates a real opportunity for well-resourced and experienced asset consulting groups seeking to establish themselves as industry leaders.”

Drew Meredith, Co-Partner and Director at Wattle Partners adds: “Asset consulting groups servicing wealth management firm sometimes lack the understanding of what advisers do and how they can help the adviser run a better, stronger business that provides better outcomes for clients. In conjunction with Atchison Consultants, we will deliver enhanced outcomes.

“We are looking through an adviser’s lens to see what impact a full-service asset consultant can have on a firm managing other people’s capital. It is this approach we will take to fully utilise the skills and knowledge Atchison Consultants bring to the table in our own business, such as building and maintaining model portfolios, APLs, asset allocation, governance and tactical expertise to improve client outcomes,” says Mr Meredith.

Mr Atchison says: “I am extremely excited about this transaction. I have known Jamie for a long time and his depth of knowledge and commitment to client outcomes is very impressive, and Drew is one of the best strategic thinkers I know in the financial advisory industry. It also gives me a succession plan in an industry that is rapidly changing.”

Kevin Toohey, Principal at Atchison Consultants adds: “Our team remains committed to servicing our existing clients and we are excited at the opportunity for further growth.”

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