Greg Cook

Multidisciplinary financial advice business, Eureka Whittaker Macnaught, has announced plans to become a super firm, with the imminent completion of three new acquisitions to boost the group’s annual revenue to $25 million and team members to 90 including 27 financial advisers, across eight locations.

This month, Eureka Whittaker Macnaught will acquire MSI Taylor Wealth Management, led by partners Peter O’Callaghan and Daniel Shine; Financial Design, led by principal Helen Postle; and Your Wealthy Life, led by Megan Neale.

The group’s latest acquisitions followed mergers with MTP Financial in Cairns in November and Wealthmed on the Sunshine Coast earlier this year.

Greg Cook, Chief Executive Officer of Eureka Whittaker Macnaught said the group’s latest transactions would deliver scale and efficiency benefits, and expanded its capabilities and capacity.

“Scale is increasingly important in financial advice not only to achieve operational and cost benefits but to increase our ability to meet the growing public demand for professional advice,” he said.

“We are pursuing a super firm strategy and on this journey we’ve been able to expand our client value proposition, provide career development opportunities for team members, and free up advisers to spend more time in front of clients.”

Over the past few years, Eureka Whittaker Macnaught has bought a number of professional services inhouse including accounting, mortgage broking and aged care advice.

Your Wealthy Life’s Neale said the backing of a business with a large, capable team and strong reputation attracted her to Eureka Whittaker Macnaught.

“Running solo is rewarding, however, I could see the benefits of joining a bigger business and the stability that comes with that,” she said.

“My clients now have access to a broader range of services and expertise, and they can feel confident that their advice journey will continue seamlessly even if I take some time off.”

Financial Design’s Postle added that partnering with Eureka Whittaker Macnaught would enable her to focus more on seeing clients and less on the operational aspects of running a business.

“Not only will I be able to spend more time seeing clients, but I’ll also have more time to spend mentoring team members, as I divest myself from the duties of running a business,” she said.

Anthony Menico, partner and financial adviser at MTP Financial, said the merger of MTP and Eureka Whittaker Macnaught delivered efficiency benefits and cost synergies.

“This merger benefits us all in achieving better future outcomes for clients and employees alike,” he said.

Looking ahead, Cook said the group would sharpen its focus on opportunities to grow through M&A in New South Wales and other states. “

Around three quarters of our business is in Queensland and the remaining quarter is New South Wales but we see plenty of opportunities in New South Wales and other states and we are keen to partner with other advice businesses to continue growing and serving more clients,” he said.

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