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.

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Paul Barrett

Professional services company, AZ NGA, has acquired a stake in Sydney-based financial advice firm, Foster Raffan iPlan, and will support the business to accelerate its growth and expansion ambitions.

Based in North Sydney, Foster Raffan iPlan is led by principals Daniel Molesworth and Robert Wood and specialises in wealth management and retirement planning advice.

The business was created in mid-2021 through the merger of established advisory firms Foster Raffan and iPlan.

According to Molesworth, the group’s strategic partnership with AZ NGA will provide access to additional capability and capacity, scale benefits and opportunity to be part of a large, dynamic community of advisers, accountants and business leaders.

“Advice businesses today need more support than ever to continue growing and improving the services they offer to clients,” he said.

“We recognised that, in order to achieve our goals, we needed to get bigger and more efficient so we wanted a partner that could help us drive business improvements, negotiate sharper rates and service level agreements, and invest for the future.”

Paul Barrett, Chief Executive Officer of AZ NGA, said the group had been tracking Foster Raffan iPlan’s progress since 2021, after previously looking at the business.

“I have known Daniel and Robert independently for many years and I have been impressed by how they have been able to build their respective businesses and then link up to form Foster Raffan iPlan and really take that business forward,” he said.

“We are attracted to businesses and entrepreneurs who are passionate about their clients and have a clear vision for the future. Importantly, Daniel and Robert understand AZ NGA’s mission and purpose to become Australia’s leading professional advisory group and want to be part of it.”

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