Scaling a financial advice business is often framed in terms of acquisitions, client growth, and revenue expansion. Yet beneath these visible markers of success lies a more complex reality. Growth, particularly through mergers and acquisitions, introduces challenges that extend far beyond financial performance—touching on culture, leadership, systems, and the human dynamics of change.
In a conversation with Peter Monahan, CEO of EGM Advice, these complexities are brought into focus. His experience leading a multi-site advice business through a period of sustained acquisition and transformation offers a detailed perspective on what it takes to build a scalable, integrated, and sustainable advice firm.
EGM Advice’s growth trajectory has been shaped by a series of acquisitions across regional and metropolitan markets. Initially, these acquisitions focused on purchasing client books—an approach that, while operationally straightforward, avoided the complexities of integrating teams and cultures.
Over time, however, the strategy evolved. Rather than acquiring only clients, the business began acquiring entire practices, including advisors and support staff. This shift introduced a new layer of complexity.
As Monahan reflects, integrating people proved significantly more challenging than integrating clients. While clients were generally adaptable—often more so than expected—teams brought with them established ways of working, deeply embedded cultural norms, and strong attachments to their existing systems.
This realisation marked a turning point. The success of future growth would depend not on the number of acquisitions completed, but on the ability to effectively integrate them.
At the centre of EGM’s approach is a clearly defined cultural framework, built around a core purpose: creating happiness for clients, team members, and the broader community.
While many organisations articulate values, the challenge lies in embedding them into daily operations. EGM addresses this through consistent reinforcement—integrating its values into team meetings, recognition systems, and internal communication. This creates a shared language that guides behaviour across the business.
Importantly, this cultural clarity becomes critical during periods of change. When integrating new teams, it provides a reference point—helping individuals understand not just what the business does, but how it operates.
However, as Monahan notes, cultural alignment cannot be assumed. Each acquired business brings its own identity, and successful integration requires both respect for that identity and a deliberate effort to align it with the broader organisation.
A recurring theme throughout the discussion is the importance of change management.
Early in the acquisition journey, EGM underestimated the complexity of this process. The assumption that strong leadership and proven systems would naturally lead to alignment proved overly optimistic. In practice, change required time, communication, and a structured approach.
One of the key lessons was the need to focus on people before process. While systems and workflows are critical, they are only effective when individuals understand and buy into them. Resistance, rather than being a sign of failure, is often a natural response to uncertainty.
In response, the business adopted a more deliberate approach—combining clear operating rhythms, structured communication, and defined expectations. Frameworks such as the “Scaling Up” methodology provided consistency, while internal documents outlining partnership expectations helped align stakeholders from the outset.
These tools enabled the business to move from reactive to proactive change management, reducing friction and improving integration outcomes.
Another important insight relates to the role of due diligence—not just financially, but culturally.
Monahan reflects on earlier experiences where conversations with potential partners were overly guided, leading to alignment on the surface but misalignment in practice. Over time, this approach shifted toward deeper, more exploratory discussions.
Rather than presenting a predefined vision, the focus moved to understanding motivations, priorities, and long-term objectives. Trade-offs became a central part of the conversation, ensuring that all parties had a realistic view of what integration would involve.
This shift highlights a broader principle: successful partnerships are built on alignment, not persuasion. By identifying potential points of tension early, businesses can avoid more significant challenges later.
As the business expanded, the need for operational consistency became increasingly important.
Initially, EGM operated multiple systems, processes, and technology stacks across different locations. While functional, this structure introduced inefficiencies—particularly as clients, advisors, and services began to overlap across the organisation.
The transition to a single operating model marked a significant milestone. By standardising systems, consolidating technology, and aligning processes, the business was able to unlock both cost and revenue synergies.
The impact was measurable. With all sites operating on a unified platform, the business experienced a substantial increase in profitability—driven not by fee changes, but by improved efficiency, reduced duplication, and increased capacity.
This outcome reinforces an important point: growth is not solely a function of revenue expansion. Operational alignment can be equally powerful in driving performance.
A key feature of EGM’s model is its emphasis on support infrastructure.
With a relatively high ratio of support staff to advisors, the business prioritises operational efficiency and client experience. This structure allows advisors to focus on their core role—delivering advice—while administrative and compliance tasks are managed centrally.
The result is a scalable model, where advisors can manage larger client bases without compromising service quality. In practice, this translates into higher productivity, improved client outcomes, and stronger business performance.
At the same time, the model supports internal development. By investing in leadership and coaching—such as transitioning high-performing advisors into mentoring roles—the business amplifies its capabilities across the entire team.
Looking forward, technology—particularly artificial intelligence—is expected to play a central role in further scaling the business.
Having already standardised its systems, EGM is now positioned to leverage AI to streamline processes, reduce manual input, and accelerate advice delivery.
Potential applications include:
These capabilities have the potential to significantly reduce turnaround times and free up advisor capacity. However, the strategic focus is not simply on efficiency, but on reallocation—using the time saved to deepen client relationships, increase engagement, and expand service offerings.
Importantly, the introduction of technology is being managed carefully, with a clear commitment to supporting staff through the transition and avoiding job displacement.
Another dimension of the business’s evolution is its approach to incentives and ownership.
Recognising the limitations of static remuneration models, EGM has reintroduced performance-based incentives aligned with business objectives. This ensures that behaviours such as client acquisition and growth are appropriately rewarded, while still recognising the value of ongoing client service.
At the same time, the business is exploring ways to broaden ownership—moving toward a model where a larger proportion of team members can participate as shareholders. This reflects a belief that long-term alignment is best achieved when individuals have both a financial and emotional stake in the business.
Throughout the discussion, Monahan emphasises a perspective that reframes the role of profit.
Rather than viewing profit as an end in itself, it is positioned as a means of sustainability. Strong profitability enables reinvestment—in technology, people, and client experience—creating a cycle of continuous improvement.
This perspective is particularly relevant in an industry where cost pressures and regulatory requirements continue to increase. Without sustainable margins, even well-intentioned businesses may struggle to deliver consistent outcomes.
The evolution of EGM Advice illustrates the realities of building a modern advice business at scale.
While acquisitions can accelerate growth, they also introduce complexity. Success depends not on the transactions themselves, but on what follows—the integration of people, systems, and culture into a cohesive whole.
Monahan’s experience highlights several key principles:
As the advice industry continues to evolve, these principles are likely to become increasingly important. For businesses seeking to grow, the challenge is not simply to expand, but to do so in a way that strengthens both performance and purpose.
In this context, growth is not just about getting bigger—it is about becoming better aligned, more efficient, and more capable of delivering meaningful outcomes for clients and teams alike.