In January, the firm plans to change software from COIN to XPLAN and roll out a new service and fee schedule unrelated to funds under management (FUM).
“[It will be a] ‘real’ for-for service,” WLM director Matthew Walker said, “and of course we don’t take commissions on any products, including insurance, so WLM will be a little different to most advisory practices in Australia, which gives us a point of difference.”
The firm is also actively looking to buy or merge with like-minded businesses, he explained.
“We are also looking at better ways to manage the clients’ capital and deliver what they actually want rather than continue to follow the industry default. This will involve simplicity, transparency, lower costs [and] better asset allocation, all targeted at meeting clients’ objectives at a minimum of risk,” Mr Walker said.
“On the accounting side we’re moving to cloud-based client solutions, which in turn reduces compliance costs and time and also improves communication and information flow between clients and accountants, thereby enabling higher value services, such as outsourced CFO and business consulting, to come to the fore,” he said.
In September, Mr Walker said WLM will continue to focus on expansion through further merger and acquisitions following the purchase of McGrath Business Advisory in July.
In addition to WLM’s business strategy to continue building scale, the company said it would continue its focus on streamlining technology and managing costs.
In July, Dan McGrath joined WLM Financial services team as associate director.
The McGrath Business Advisory is expected to be formally merged with WLM by January.
McGrath will join the WLM board as director and equity holder in the business following the completion of the merger.
