Melbourne-based Partners Wealth Group has expanded its Western Australian presence by acquiring a 50 per cent interest in Mandurah-based Merideon Wealth Strategies for an undisclosed amount.
Merideon founder and general manager Mark Rattigan said the joint venture arrangement would fast-track the business’s long-held ambition to become the leading financial planning business in the state’s South West.
“As a smaller practice, our growth has been stymied by a limited range of skills and resources,” he said.
“Being part of the Partners Wealth Group has shifted the goal posts, while at the same time providing our clients with access to a more complete offering, greater investment management capability and access to specialists from all areas of the advice spectrum.’’
PWG joint managing director Martin Murden said the company had five employees operating in Mandurah at present, along with 12 in the Perth office.
“What we will be doing as we gradually expand, is bringing specialists back and forth from Perth to Mandurah as we need them for particular jobs,” he said.
PWG financial planning director Matthew Cassidy said the South West was a prime location for retirees, provides a big opportunity to tap into the retirement advice market.
“While Merideon is already doing a fabulous job with financial advice and is one of Mandurah’s highest performing financial planning teams, it does not provide the full suite of financial offerings,” he said.
“It is these services that are particularly important to retirees, who from our experience, prefer having all their retirement requirements – such as planning advice, estate planning, succession planning and aged care advice – handled from the one location.”
Mr Cassidy said Merideon would continue to operate under its existing name, and while little would change on a day-to-day basis, behind the scenes PWG staff members would assist Merideon to implement new systems and processes and strengthen lead-generation opportunities with accountants in the area.
PWG entered the WA market two years ago with the opening of its first Perth office.
The Mandurah acquisition represents the firm’s sixth joint venture in Australia.
PWG said plans were under way to ramp up Merideon’s team of financial advisers.