Patron Financial Advice is in merger talks with the national financial planning group Risk & Investment Adviser Australia (RIAA).
"We have been approached by a number of groups over the past five months. We are now in a serious discussion with this group [RIAA]," Patron Financial Advice general manager Rob McCann said.
"There are a lot of synergies between the two groups and we like what they have brought to the table."
McCann established the independent boutique group in July 2007 after working with Guardian Financial Planning.
The business was established to meet advisers' growing desire to share in a dealer group's growth and profitability, while institutions were inflexible and offered limited product lists for advisers, McCann said at the time.
"The large institutions tend to grow through acquisitions. We are looking to grow the business organically," McCann said.
The business employs 45 planners and services New South Wales and the Australian Capital Territory.
The firm plans to add more planners to the business, McCann said.
