Two Sydney-based boutique financial advice firms have merged operations.
Twelve Wealth has merged with Minchin Moore, effective this week.
Twelve Wealth founder Cathryn Gross is now partner and principal adviser at Minchin Moore.
Minchin Moore is headed up by managing partner Mark Minchin, who said of the merger: "Having observed Cathryn build Twelve Wealth and blaze a new path, we have little doubt that our values and beliefs are perfectly aligned."
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Speaking to Financial Standard, Twelve Wealth founder Cathryn Gross said her firm was facing capacity issues as a result of the need for her to study to meet FASEA requirements and the increase in compliance.
"Over the last four years I have always kept an open mind about what that might look like, but over the past 12 months I had been thinking about it more because I knew that we were within 12 months of having real capacity issues in the business," Gross explained.
"These capacity issues would then be coming at a time when I needed to be studying to ensure I met all of FASEAs requirements and coping with a huge increase in compliance."
Two part-time employees worked with Gross at Twelve Wealth, and both have moved with her to Minchin Moore.
Gross believes her clients will benefit from a stronger offering, given Minchin Moore's dedicated investment team and practice manager, and a team of more than 20 who ensure compliance.
"My business is now at a size where I needed to invest in it personally so we could scale for the future or partner with a firm that had the infrastructure I was after. Minchin Moore has that infrastructure," Gross said.
"I wanted to remain an owner in my own business so I could continue to grow my own asset value, and the partnership structure at Minchin Moore allows for that."