A second financial planning practice has joined the Macquarie-owned dealer group Lachlan Wealth Management, strengthening the dealership’s standing within the financial advisory industry.
Melbourne-based planners Greg Keady and Jeff Wain have decided to align their practice with Lachlan, having been directors and senior advisers with the Money Managers for an extensive period of time.
“They focus very much on the high-net-worth end of the market, so they are focusing absolutely on the sweet spot that Lachlan is all about,” head of Macquarie Wealth Management Jane Watts said.
The most recent of Lachlan’s recruits signed up six weeks ago and have been involved in exit negotiations with their previous dealer group since. Once part of the Macquarie group, Keady and Wain will initially trade as Lachlan Wealth Management advisers rather than under a separate brand.
While the first two member firms are based in Melbourne, Watts said Lachlan was looking to sign up additional practices in the major capital cities across the nation.
“We’re looking to have practices in metropolitan areas. We want a high touch dealer group in terms of our services and regional areas are just too hard in regards to ease of access. We’re certainly looking at the eastern seaboard, but we’ve also been in discussions with practices in Western Australia and Adelaide,” she said.
The new recruits bring the number of planners currently under the Lachlan banner to seven and have contributed to the dealer group’s ultimate goal of encompassing around 35 planning practices, incorporating approximately 100 advisers, over the next five years.
Watts confirmed Lachlan was currently holding discussions with a number of other interested planning practices but could not estimate the amount of time it would take to align these firms with the dealer group.
