Eureka Whittaker Macnaught has acquired Warren McHattan Financial Services, with its namesake set to retire after more than 30 years in advice.
The companies are engaging in a transition period over the next 18 months, which will see the outgoing Warren McHattan introducing clients to the advice team at Eureka Whittaker Macnaught.
The Parramatta business’ support staff will also be joining the company, which has 10 financial planners within a total of 25 staff.
The western Sydney office will be the fourth location for Eureka Whittaker Macnaught, joining its other offices in the Sydney CBD, NSW central coast and Brisbane. It has 10 financial planners within a team of 25 staff.
Both businesses are licensed through CBA-owned Financial Wisdom.
Eureka Whittaker Macnaught chief executive Greg Cook said the acquisition was part of a greater growth strategy for his business.
“We have thought about the advice business we would design if we were a 2019 start-up and we are on schedule to evolve Eureka Whitaker Macnaught to that model by December 2020,” Mr Cook said.
“This adds to other changes we have made, such as moving to flat client fees in 2016. We are looking forward to making our Parramatta office a part of all that.”
He added that the company has looked at a number of acquisition opportunities, with multiple considerations given the changes brought about by FASEA.
“Warren’s business is a great fit for us, and we believe we can roll out a wider value proposition to its clientele,” Mr Cook said.
“Warren and I have known each other for 27 years. As with getting advice, it’s great to deal with someone you know and trust.
“After more than 30 years in the profession, Warren is looking forward to enjoying an active, long and well-deserved retirement.”
The group was formed in 2013 when Eureka merged with Whittaker Macnaught. In 2015 it became the founding Australian firm of AZ Next Generation Advisory.
Eureka Whittaker Macnaught offers advice across a range of areas including investment strategies, aged care advice, SMSF services and life risk services. It operates as financial services hub, with connections to mortgage brokers, accountants and lawyers.
“This approach allows the business to take care of the complete financial needs of all our clients, while also providing opportunities for business clients to partner with industry professionals in a business capacity,” Mr Cook said.
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