An Australian financial planning and wealth management firm has joined the US-headquartered network.

Melbourne-based MW Lomax Group has joined the Focus Financial Partners network in a move signalling Focus's first venture into Australia, which it noted is the largest funds management market in Asia-Pacific.

With offices in Melbourne and Sydney, MW Lomax currently has 55 full-time employees and is led by founding partners Nick Maikousis and Jon White.

It is the third international firm to join Focus, following Canada-based Dorchester Wealth Management and UK-based Greystone Financial Services.

With almost 2 million Australians saying they are looking for a financial advisor, there is “enormous growth potential in the region,” Focus said.

The move is part of a trend of independent firms, sometimes facing mounting regulatory and other costs, joining networks for the benefit of support and other services and to increase their brand visibility.