In a statement, Morrows said the merger will “give Morrows an experienced auditing division” and bolster MSI Ragg Weir’s offering by including access to “a strengthened financial planning division”.
“This merger will strategically transform the current operations of Morrows, giving both MSI Ragg Weir and Morrows a strengthened position as an ‘advice house’ in the market,” said Morrows director and chairman Murray Wyatt.
All MSI Ragg Weir staff will be offered roles with the merged business, with six MSI Ragg Weir partners to become principals of Morrows.
A spokesperson for Morrows also confirmed that all MSI Ragg Weir staff operating under an AFSL will move from MSI Ragg Weir’s dealer group, Total Financial Solutions Australia, to Morrows' own AFSL.
The spokesperson could not confirm whether money had exchanged hands as a part of the merger, noting the merger is subject to commercial in confidence agreements between the two businesses.