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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Brad Fox

In its eighth year, the Association of Financial Advisers’ (AFA) GenXt initiative has had a dramatic effect on the membership demographics of the AFA with around 30% of the AFA’s adviser members now under 40 years of age.

AFA CEO Brad Fox says that is proof that the AFA has become the association of choice for advisers developing their careers. “The formula for creating outstanding financial advice requires a combination of technical and interpersonal skills. We have made a significant investment, through the GenXt initiative, in helping our members to embrace their own professional development. We have spent time and effort to find out what they want – it’s to get noticed, get inspired, get connected, get mentored and get smart – they are the future of advice.”

Over the last two weeks, the AFA GenXt National Roadshow attracted over 1,300 advisers across the six capital cities. Mr Fox said the attendance and feedback from the events proved that advisers are embracing the AFA theme for the year: Connecting Knowledge with Performance.

“The feedback we have had from the AFA community over the past couple of weeks, is that they really value the opportunity to come together face-to-face to learn from their peers and share ideas with one another. This is exactly what the GenXt community of practice is all about,” he said. “As an association we have created a feeling of vibrancy, of being connected and enthusiastic, driven and confident. Attendees feedback consistently includes comments about the sense people have of feeling involved and included – a real sense of community.”

Peter O’Callaghan, financial planner at MSI Taylor Financial Services and 2014 AFA Excellence in Education Award winner spoke about the impact of knowledge on performance.

“Having spent two weeks on the road with Peter, he is a firm advocate of advisers constantly developing their interpersonal skills and their ability to truly connect with clients as this enables the client to truly embrace strategic recommendations as their own. This is essential to successfully articulate a valuable service proposition as their trusted adviser,” Mr Fox said. “It is the combination of professional development, formal and informal education and more effective client engagement that is fundamental to being able to connect knowledge with business performance.”

Ben Budge, Director of My Wealth Solutions and 2014 AFA Rising Star of the Year, gave advisers invaluable tips about motivating staff, improving efficiencies and the practical outcomes of connecting knowledge with performance. In his presentation, Mr Budge also paid particular attention to the role of mentors in his success as an adviser. “The AFA has a great mentoring program available. It is important to work with people with different personality types to really give you the support, strategy ideas and motivation to deliver consistent service and value to clients. I can’t stress it enough, it contributed significantly to my confidence in being able to innovate new ways for my clients to reach their goals,” Mr Budge said.

Participation in the GenXt community of practice is included as a member benefit to all AFA members seeking personal development and improvement of their advice skills.

Click here to find out more about AFA GenXt.

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Peter O’Callaghan

The Association of Financial Advisers (AFA) and Asteron Life have announced Peter O’Callaghan of MSI Taylor Wealth Management as the winner of the 2014 AFA Excellence in Education Award (the Award).

The Award, now in its seventh year, recognises advisers who are continually investing in themselves, their staff, their business and their community, through professional development and higher education and making a positive impact upon Australian’s perceptions of professional financial advisers.

AFA General Manager, Member Services & Campus AFA, Nick Hakes, said Mr O’Callaghan exemplifies the essential characteristics & values of a professional financial adviser through his commitment to excellence in behaviour, attitude, knowledge and accountability.

“We know that increasing both the technical and practical education of advisers is vital to improving consumer confidence in our profession. Peter has demonstrated his ability to apply technical knowledge to real-life practice and has a passion to share his knowledge and expertise with other advisers. Peter is a great ambassador for the value of investing in high-education.

Asteron Life Executive General Manager Adviser Distribution, Jordan Hawke, said the value of education in the professional development of advisers has never been so important.

“We have and continue to view education as an important measure in the level of professionalism consumers expect and demand of their financial adviser.  This award recognises that IQ and EQ are intrinsically linked, and equally important in delivering an overall amazing client experience”.

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