Eureka Whittaker Macnaught reaffirms super firm intentions with Foster Raffan iPlan merger
Greg Cook
Professional advisory firms, Eureka Whittaker Macnaught (EWM) and Foster Raffan iPlan, have merged to form a large, multi-disciplinary firm with 44 employees including 20 financial advisers, serving 2,500 engaged clients, across six locations in New South Wales and Queensland.
The merger is EWM’s third transaction in 12 months, signaling the group’s intention to continue growing, and expanding its capability and capacity, through both M&A and organic activity.
In 2024, EWM also merged with financial planning firms, Blue Harbour Financial Partners and Logiro.
Based in North Sydney, Foster Raffan iPlan is led by Daniel Molesworth and Robert Wood.
Greg Cook, EWM Chief Executive Officer, said the recent mergers had already delivered some scale benefits, including operational and cost efficiencies, which would only increase and accelerate over time.
“We are focused on reducing our cost to serve and we are starting to see some improvements but we’ve had to work very hard and spend some money upfront, for example on getting our technology right, to bank ongoing savings,” Cook said.
“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. 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.”
He said the group’s heightened M&A activity in the past year reflected its ambitions to build a Super firm that could deliver quality advice to more 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” Cook said.
According to Daniel Molesworth, Co-founder and Senior Financial Planner, Foster Raffan iPlan, the deal enables employees and clients to tap into the benefits of being part of a larger entity including a corporatised structure, dedicated management team, and a broad range of specialist capabilities including aged care, estate planning and life insurance advice.
“As a small business, Rob and I do a bit of everything. We run the business, manage teams and see clients. We provide advice to both mass affluent and high net worth clients in a range of areas including superannuation, investments, retirement planning, aged care and life insurance,” he said.
“Through this merger, our clients can access inhouse 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.”
Both EWM and Foster Raffan iPlan are part of professional advisory group, AZ NGA.
