Drew Meredith

Membership partnership with Wattle and ASA

Wattle Partners (Wattle), a leading financial planning firm specialising in retirement-focused advice, has announced a strategic partnership with the Australian Shareholder’s Association (ASA), Australia’s largest not-for-profit shareholder association.

This partnership aims to strengthen financial literacy and empower Australians to make informed investment decisions.

As part of this initiative, all new and existing Wattle clients will receive complimentary ASA membership, aligning with Wattle’s goal of equipping Australians with the financial knowledge needed to navigate the investment landscape and fostering a robust, and informed investor community.

ASA membership provides Wattle clients access to a wealth of valuable resources, including investor education programs, community events, and advocacy initiatives that champion investor rights and financial literacy.

This partnership follows the successful amalgamation of the Australian Investors Association (AIA) with ASA in November 2023, under the leadership of Wattle Principal Jamie Nemtsas, then acting chair of AIA.

Recognising shifts within the financial industry, Nemtsas guided the merger to strengthen the collective groups mission of improving financial literacy and investor advocacy.

Wattle Principal, Drew Meredith says: “We are always looking for a way to educate our clients, and by forming this partnership with the ASA, our clients will receive the best investment resources and education.”

ASA CEO, Rachel Waterhouse says: “For over 60 years, ASA has served as the voice of retail investors in Australia. This first-of-its-kind partnership with Wattle and launching the ASA Financial Advisers Directory Panel enables us to reach a broader audience, giving more Australians the resources they need to navigate the financial landscape and make empowered investment decisions.”

Launch of ASA Financial Adviser Directory

As part of the initiative to work closer with financial advisers, the ASA has launched a Financial Adviser Directory, which will provide a partnership between financial advisers and the ASA in each state.

Nemtsas has agreed to introduce financial advisers to ASA for potential addition to the Directory and Nemtsas has agreed to consult with an ASA selection committee which will decide on additions to the Directory. The advisers will exemplify professionalism, show ethical leadership, and a commitment to financial literacy in Australia.

The advisers will cater to the diverse needs of ASA members, ranging from those in the wealth accumulation phase to retirees, and high-net-worth investors.

In addition to supporting ASA members, directory advisers will contribute to the broader financial literacy objective by providing educational content through articles, podcasts and conference presentations.

This initiative underscores ASA’s dedication to fostering collaboration and delivering tailored resources that elevate the financial capabilities of its members and the wider community.

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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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Drew Meredith

Many investors are seeking specialist advice from boutique, independent financial planning firms in the current volatile investment environment sparked by the COVID-19 pandemic, says Drew Meredith, Partner at the financial advisory firm Wattle Partners.

“For all investors, these are deeply troubling times with the sharemarket having lost more than a quarter of its value in less than a month. They are seeing their nest eggs accumulated over many years disappear before their eyes, and they desperately want advice on what to do.

“This scenario is particularly pertinent for those investors for are nearing retirement or have just retired, and, in many instances, don’t have the option of remaining or returning to the workplace.”

Meredith is somewhat concerned that many investors falling into these near retirement or retired categories who are in large APRA-regulated funds are discovering that they often don’t know what assets they hold and, even if they do know, they don’t know what to do or where to get advice at this difficult time. The Royal Commission, whilst a positive for the industry, has resulted in thousands of financial planners exiting when their sound advice is needed most.

“The reality is it’s difficult for superannuation funds to give personalised advice with fund members running into the millions and typically directed towards websites of phone applications to answer complex question. Many have access to inexperienced help-desk people who can only offer to change investment options and are certainly not equipped to deal with major investment decisions,” says Meredith.

By contrast, boutique advisory firms can invest the time to look at clients’ total financial situation and then advise them, or at ensure they are making informed decisions, accordingly.

“In the current climate we are advising, for example, clients to examine hedging overseas shares, reducing bond duration, investing in gold, and adjusting allocations to specific countries and sectors, none of which is an option in a large pension fund for an individual member,” notes Meredith.

He says investors should remember that industry funds, in particular, are structured for the accumulation phase and have been slow to devise solutions for members who are transitioning to retirement or are in retirement.

“Industry funds have performed well in recent years in a bull market, having the capacity to use their regular Superannuation Guarantee contributions to support higher allocations to strongly performing unlisted assets.

“It has allowed these funds to fund pension payments from SG contributions, but in a bear market when members want to exit the fund or take on a lower risk option, it can come unstuck due to a lack of liquidity. In this situation funds lacking cash will be forced to sell assets which, in this market, means equities, compounding the market’s downward spiral.”

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