Self-licenced boutique financial advisory firm Wattle Partners has acquired asset consulting firm Atchinson Consultants.
Atchinson Consultants was founded in Melbourne in 2001 and offered investment consulting across the financial services industry. Founder Ken Atchison would continue to head the group for the next three years.
Wattle Partners directors, Jamie Nemtsas and Drew Meredith, would become non-executive directors.
The acquisition provided Atchison Consultants with additional resources to continue developing its capabilities with a capital infusion to be made.
The investment comes after Wattle Partners spent several years seeking to partner with an external asset consultant to assist in further professionalising its growing business.
Nemtsas said: “The past five years has seen a proliferation of new wealth-focused asset consultants. However, some of these groups lack the necessary depth and breadth of knowledge, experience and stability.
“This creates a real opportunity for well-resourced and experienced asset consulting groups seeking to establish themselves as industry leaders.”
Meredith said: “Asset consulting groups servicing wealth management firm sometimes lack the understanding of what advisers do and how they can help the adviser run a better, stronger business that provides better outcomes for clients.
“In conjunction with Atchison Consultants, we will deliver enhanced outcomes. We are looking through an adviser’s lens to see what impact a full-service asset consultant can have on a firm managing other people’s capital.
“It is this approach we will take to fully utilise the skills and knowledge Atchison Consultants bring to the table in our own business, such as building and maintaining model portfolios, approved product lists (APLs), asset allocation, governance and tactical expertise to improve client outcomes.”