Coastal Advice Group makes triple advice acquisition

Coastal Advice Group has completed the acquisition of three businesses across Australia, continuing its national expansion strategy after the firm set its sights on major expansion over the next financial year.

Focusing on its expansion in NSW, the financial services firm has completed its acquisition of RetireInvest Clarence Valley & Mid North Coast, which, like Coastal, is part of the Rhombus Advisory Network.

In South Australia, the group has welcomed the addition of Vector Wealth, a financial advisory firm based in Barossa Valley with three financial advisers.

Setting its sights on the west, Coastal also confirmed that it acquired SRM Wealth Solutions, a single-adviser firm in the Rhombus network based south of Perth in Port Kennedy.

These acquisitions follow a merger between Coastal and Calder Wealth Management, which was enacted in July and created a combined business with 100 staff and $2.5 billion in funds under management.

“Together, these partnerships not only expand our reach but also ensure local advisers remain embedded in their communities, giving more Australians access to trusted, face-to-face financial advice where they live,” Coastal Advice said.

Looking at its internal growth, the firm said it has created 13 new roles across the business in the past three months, with another four currently in progress.

Coastal Advice CEO Daniel Brown said: “Our growth is not just about size, it’s about people.

“Every new step we take is powered by the incredible professionals who make up Coastal Advice Group. This growth is as much theirs as it is the company’s, and our priority is ensuring that every new opportunity we create benefits our team as much as it benefits our clients.”

Coastal Advice head of HR Sarah Moylan said: “For us, it’s never just about filling positions; it’s about truly investing in our people, creating genuine pathways for career development, and ensuring our team continues to grow and thrive alongside the business they are helping to build.”

Speaking to Money Management in July, Brown said the group intended to do as many as 15 acquisitions over the following 12 months, along with tripling its revenue within the proceeding 18 months.

The period to the end of October in particular was set to be particularly busy, according to Brown, explaining that the business had “seven or eight deals to do” by this time, signalling more deals on the horizon.

The ongoing expansion seen this year also comes on the back of the group’s long-term strategic partnership with US-based private investment firm Merchant Wealth Partners, announced in January. Through this partnership, Merchant took a minority, non-controlling position in Coastal Advice, providing capital to drive the advice firm’s expansion.

The pursuit of inorganic growth is a major business push for advice practices currently, as they look to scale up their businesses. 

Last month, Altus Financial, a Central Coast-based financial services firm, announced a merger with advisory firm Fortunity to strengthen its presence in the region and expand its service offerings.

In the same month, Wealth Architects acquired a financial advice firm based in Cairns, which will be merged with an existing Wealth Architects practice in the city. The Brisbane-based company acquired 100 per cent of Fiducia Private Wealth Management, led by principal Danny Maher, which will strengthen its presence in the Queensland city.