Lachlan Wealth Management firm acquires Melbourne based accountancy business
Lachlan Wealth Management’s Melbourne dealer group, PMG Group Ltd, announced the acquisition of Melbourne accountancy and auditing business, Smith, Peacock and Henshaw (SPH).
The acquisition will see SPH’s two major partners Jim Sidon and Thomas Lee remaining with the business and services significantly increased to its many clients, who now have direct access to the wide range of financial planning services provided by Lachlan Wealth Management.
According to Lachlan Wealth Management and PMG Group principle based in Mount Waverly, the acquisition allows the business to take its first steps towards becoming an all-inclusive professional services company.
This acquisition is important for them, because it means they can now provide its clients with a holistic service under one business, looking after their accounting and auditing and catering to a wider range of their financial needs.
They see this ability to have experts in financial planning and accountancy working together as a huge bonus for its clients and something that sets them apart from others in the marketplace.
Not only has the process of seeking a full package of financial advice become seamless for the client, but because the two disciplines are sharing information, they get a precise understanding of the clients’ needs.
Since the acquisition of SPH the business has already had the opportunity to provide many clients with both financial and accounting services, which Pezzi believes is mirroring trends in the US.
Trends in the US market show that firms are increasingly looking to offer more value, meaning that professional services companies that incorporate financial planning, accountancy, mortgage and legal advice for example, are emerging.
This makes perfect sense to them. They believe the days of being solely an investment manager are short lived and that Australians will increasingly ask for more from their service provider.
Its clients need more than just financial advice and the easier they can make it for them to access those additional services, the better.
They have something here at Lachlan that they call, The Lachlan Way, and what they mean by this is that its way of doing business is purely client-centric.
The acquisition of SPH has allowed them to take its service offering to the next level and it is something they hope to build on even further during coming years.
All staff at SPH will remain with the business, which will continue to run out of its East-Melbourne practice. A Lachlan Wealth Management financial planner is currently based at the firm, to ensure a cohesive approach to client service.
The Lachlan Wealth Management dealer group was established in August 2005 by Macquarie Private Wealth, with Philip Pezzi’s PMG Group as the founding partner. It now incorporates practices in Sydney CBD, Brisbane CBD, Melbourne CBD and Mount Waverly, Victoria.
25-Jul-2007