Focus Financial Partners (‘Focus’), the leading international partnership of independent, fiduciary wealth management firms, today announced that MW Lomax Group (‘MW Lomax’), an integrated financial services company headquartered in Melbourne, Australia, has joined the Focus network of independent wealth management firms.
The MW Lomax relationship represents Focus’ entry into Australia, the largest funds management market in Asia Pacific (see note 1), and will accelerate MW Lomax’s growth strategy by affording access to Focus’ capital strength and value- added resources allowing it to better serve clients’ needs. With almost 2 million Australians stating they are looking for a financial adviser (see note 2), there is enormous growth potential in the region and this relationship will provide the platform for MW Lomax to capitalise on increasing consumer demand for truly independent financial planning advice which is being intensified by ongoing regulatory reform in the sector.
The founding partners, Nick Maikousis and Jon White, with a combined 54 years of experience, held senior management roles within the financial planning and insurance advisory sectors before establishing MW Lomax. Over the past 14 years, they have continued to grow the business steadily through a combination of strategic transactions and organic growth. With offices in Melbourne and Sydney, MW Lomax currently has a staff of 55 full- time employees, comprised of numerous experienced CPAs, tax specialists and other advanced degrees and designations.
“We are excited to be the first Australian firm to join the ranks of the high calibre wealth management firms currently in the Focus partnership. Having seen various firms tapping into Focus’ capital and resources to achieve the next stage of growth while maintaining their independence and local characteristics, we are confident that we will be able to do the same here in Australia,” said Mr White, Group Managing Director at MW Lomax. “In addition to the M&A expertise, we look forward to utilising Focus’ value-add programs in operations, technology, compliance and marketing.”
“MW Lomax represents a significant step forward in our international growth strategy. Our founding mission is to support entrepreneurial wealth management firms to provide independent financial advice to individuals, families, and institutions. We are excited to bring our model and resources to the Australian financial market today,” said Rajini Kodialam, Co-Founder and Managing Director at Focus.
“MW Lomax’s strong desire to grow and their client-centric model make it a natural fit for Focus. With the firm’s scale of business and their holistic financial planning services, we believe that MW Lomax will act as an attractive platform to consolidate the fragmented planning and accounting space in its local regions.”
MW Lomax is the third international firm to join Focus, following Canada-based Dorchester Wealth Management and the U.K.-based Greystone Financial Services.
Focus was advised by Minter Ellison, and MW Lomax was advised by Mills Oakley and Chase Corporate Advisory.
Notes:
1. Australian Trade Commission Benchmark Report, 2016
2. Investment Trends 2014 Advice and Limited Advice Report
Source: Focus Financial Partners
