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The merger will help the Adelaide-based firm expand its personal approach to business advisory services.
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Dmca advisory acquires Willoughbys Financial as founders plan for retirement
01 August 2023
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Dmca advisory has taken over fellow Adelaide firm Willoughbys Financial Group as part of an exit plan by the firm’s husband and wife founders.
Paul and Sally Willoughby have been offering business advisory services in South Australia for more than 40 years and Mr Willoughby, a former KPMG chartered accountant, said the couple are due to retire shortly and had been looking for a suitable exit plan.
“There is a strong synergy with the offerings and the values of the dmca group and we believe they are a good fit for our clients, sharing the same philosophy around the importance of building and maintaining strong client relationships,” he said.
“It is interesting to now be in the position that we have so often advised our clients on, but we are delighted to have found a group who offer the highest principles and expertise.”
The merger, which came into effect on 1 July, involves the couple joining the dmca team to ensure a successful transition and about 80 client groups moving across.
Director of dmca advisory Tania Tonkin said the merger would help the firm build its reputation as a leader in boutique financial and accounting advisory services for SME, family businesses and agribusiness clients, while providing the chance for growth.
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“We had strong growth during Covid due to a surge in compliance-related work, now it continues in advisory services,” she said. “Our revenue has increased by more than 30 per cent over the past three years.
“We are seeing continued demand for services in financial planning, as well as tax, plus specialised advice for family business entities and SMEs – including those from regional and rural areas as agribusiness grows.
“Rather than flocking to the big names, clients are really looking for a more personal approach. Post-COVID, many want to get back to real relationships with their advisers.
“Financial advisory and SME clients want the in-house integrated services we offer, but with a personal, local approach you can only provide in a smaller firm. This is where our strength lies.”
In preparation for the merger dmca hired a financial adviser, Marcus Reade-Brown, who had recently returned from a 20-year career in Melbourne, together with graduate accountant Tom Roberts.
Dmca also rejigged its leadership team with Alison Stanbridge, Ricardo Neves and Mark Gellert stepping up to associate director roles in July last year, and it will offer an employee share scheme.
Ms Tonkin said the team would increase further this year but the firm is aware of the challenges in expanding.
“Growth must be sustainable. I want to retain the values that clients come to us for. Not everyone wants, or needs, to be big.
“While many accounting and advisory firms of less than 50 people decide to merge with mid-sized national firms and, although we have clients located across Australia and internationally, we have always had a strong commitment to the local market as this is where the majority of our clients reside.”
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