An international wealth management group has announced its entry into Australia after Melbourne-based advice firm MW Lomax joined its network.
Self-licensed MW Lomax is the first Australian firm to join Focus Financial Partners' network of "independent management firms", according to a joint statement.
Focus co-founder and managing director Rajini Kodialam said she is excited to bring her company's model and resources to the Australian financial market.
"MW Lomax represents a significant step forward in our international growth strategy. Our founding mission is to support entrepreneurial wealth management firms to provide independent financial advice to individuals, families, and institutions," she said.
"MW Lomax's strong desire to grow and their client-centric model make it a natural fit for Focus. With the firm's scale of business and their holistic financial planning services, we believe that MW Lomax will act as an attractive platform to consolidate the fragmented planning and accounting space in its local regions."
MW Lomax is the third international firm to join Focus, following Canada-based Dorchester Wealth Management and the UK-based Greystone Financial Services.
The firm has offices in Sydney and Melbourne, with 55 full-time employees. The relationship with Focus is intended to accelerate MW Lomax's growth strategy by gaining access to Focus' resources.
"Having seen various firms tapping into Focus' capital and resources to achieve the next stage of growth while maintaining their independence and local characteristics, we are confident that we will be able to do the same here in Australia," said Jon White, MW Lomax group managing director.
"In addition to the M&A expertise, we look forward to utilising Focus' value-add programs in operations, technology, compliance and marketing."
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