Coast Advice teams up with New York private investment firm

Coastal Advice Group has formed a long-term partnership with a New York-based private investment firm that provides growth capital, management resources, and strategic advice.

The Australian financial services firm, which has 15 advisers and 2500 clients nationwide, has partnered with Merchant Wealth Partners to support its growth.

In a statement, Coastal Advice said the partnership will "unlock invaluable opportunities" for growth and innovation, enhancing its ability to attract and retain top talent, invest in technology, and "foster a supportive and empowering workplace culture."

"By aligning with Merchant's global expertise and financial backing, Coastal Advice is poised to further elevate its offerings, ensuring long-term success for clients and stakeholders," it said.

As part of the partnership, Merchant Australia head David Haintz will join the board of Coastal Advice.

"With his strategic leadership and invaluable experience, his role will continue to drive growth," Coastal Advice said.

Notably, Merchant has taken a minority, non-controlling position in Coastal Advice.

"I have known and worked with the Coastal team for a number of years in which time they have undertaken more than 20 M&A transactions. In partnering with Coastal Advice, Merchant has now provided the capital to enable their growth to accelerate," Haintz said.

"Coastal Advice has the vision, the model, and the entrepreneurial spirit to want to continue that growth. It's not just a willingness and desire to do it, but an ability and capacity to do it. We are very excited about our future together."

Coastal Advice chief executive Daniel Brown, meanwhile, said the partnership brings opportunities for growth, reinforces its commitment to delivering the best client experience, and long-term vision of becoming the leading provider of financial advice in Australia.

"We look forward to tapping into Merchant's industry expertise and expanding our global reach to drive continued success," he said.