Advice group Stanford Brown has expanded into the accounting space with the acquisition of a Sydney-based accounting firm and the recruitment of a former Deloitte private client director as the head of the new accounting business.
In a statement, the group said it had acquired accounting business Clem Hill & Associates and brought in chartered accountant and ex-Deloitte senior director Dean Crossingham to head the new venture, Stanford Brown Accounting, which had been a long time in the making.
“We are delighted to welcome the staff and clients of Clem Hill & Associates to Stanford Brown, and to have fulfilled a long-held ambition to offer our clients tax and accounting services,” Stanford Brown chief executive Jonathan Hoyle said.
“In addition, Dean brings to us the benefit of 15 years’ experience in various tax and accounting roles at blue chip firms.”
Mr Hoyle added that with regulatory reform placing greater pressures on financial planning profit margins, and increased demand from clients for all their financial matters to be handled in one place, it was the perfect time for the firm to be expanding into accounting.
“Due to rapid advances in cloud-based technologies, a much tighter regulatory environment and the increasing prevalence of cyber fraud, we are firmly of the view that financial planning and accounting services belong under the same roof,” he said.
Clem Hill & Associates founder Clem Hill said the opportunity to scale up had been an important consideration for the firm in the acquisition process.
“The motivation to move to an integrated financial services firm in order to provide our clients with high end financial advice was precipitated by the ever changing tax, accounting and superannuation regulations that require the support of a much larger organisation,” Mr Hill said.
“After a comprehensive search for the best partner for our clients, it was clear that Stanford Brown was the ideal choice – professional financial advice, technical expertise and a deep client focus.”
Stanford Brown Accounting marks the third complementary venture the advice firm has expanded into from its core financial planning business, with the others including wellness consulting firm BeneFit3 and multi sector portfolio manager Soteria Capital.
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