Wealth Architects says it is targeting a projected earnings before interest, taxes and amortisation (EBITA) greater than $10 million for the next financial year.
Callum Mitchener, managing director at Wealth Architects, said: “The business is currently on track and this growth is being achieved through solid organic growth and carefully planned and executed M&A.”
It has continued with its targeted strategy of acquiring rural and regional firms with the acquisition of Murray Mallee Financial Planning, which is set to complete in March. Led by financial planner Chuck Audino, the firm offers retirement planning, superannuation, managed investments and estate planning.
“This acquisition is based in Mildura, Victoria, and continues the group’s push into rural communities who are in desperate need of quality advice firms,” Mitchener said.
Last October, the firm acquired a regional advice firm based in Tamworth, while it acquired two regional Victoria practices in Swan Hill and Echuca in March 2024.
Speaking last year on the decision to work with regional firms, Mitchener said there is a strong demand and shortage of advisers in these areas which is creating a strong pipeline.
“Country people are looking for help. These firms have a massive pipeline of new clients. They have people knocking down their door; there’s a year’s worth of work out there for them. It really blew our minds.
“These people have farms, and they want their kids educated on finances and dealing with the money in anticipation of taking over the business. In other cases, they want to sell the farm and want advice on that, or they have already sold, in some cases for millions of dollars, and they don’t know what to do with that cash.”
Money Management, ifa’s sister brand, recently spoke with three regional advisers on the demand they are seeing in their suburbs, thanks to agricultural wealth and sea-changers from the city.
Wealth Architects has acquired a life advisory business called Fitzpatrick Financial Services, which is based in Mount Waverley, Victoria, as a way to broaden the firm’s expertise. The firm specialises in life and disability insurance for individuals, families and business owners, and is a division of Fitzpatrick and Co Insurance Brokers.
The firm’s managing director, Luke Considine, will now play a key role in Wealth Architect’s expansion into the life insurance space.
Considine commented: “We are all very excited to have joined the Wealth Architects group. Callum, Kim and the team have built a highly respected and successful financial planning business with similar core values to ours, making this a perfect fit.
“By combining our life insurance knowledge with their experience in financial planning, we are confident this partnership will enable us to provide even more comprehensive and tailored solutions to help individuals, families and businesses achieve financial security and peace of mind.”
Wealth Architects has also completed a share buyback of six of its underlying subsidiaries, which was completed via cash and script in the main Wealth Architects company.
