EWM merges with smaller Foster Raffan iPlan

In what represents further consolidation within the AZ-NGA network, Eureka Whittaker Macnaught and Foster Raffan iPlan have merged.

The merger sees the creation of a multidisciplinary firm with 44 employees including 20 financial advisers across six locations in NSW and Queensland.

The merger represents EWM’s third transaction in 12 months with the group saying it signals its intention to continue growing through both mergers and acquisitions and organically.

Foster Raffan is based in North Sydney and is led by Daniel Molesworth and Robert Wood.

Commenting on the transaction, EWM chief executive, Greg Cook said the recent mergers had already delivered some scale benefits, including operational and cost efficiencies which would only accelerate over time.

Both EWM and Foster Raffan iPlan are part of the AZ-NGA professional advisory group.

Foster Raffan iPlan co-founder, Daniel Molesworth said the deal enables employees and clients to tap into the benefits of being part of a larger entity.