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Private client practice Banks Group continues to consolidate its foothold in the Australian marketplace, announcing the integration of a Perth firm into its operations.
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Banks Group announces expansion
12 November 2015
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Under a new agreement, Perth firm FJH Solutions will be rebranded as Banks Group Perth.
Banks Group now has 17 partners as a result of the expansion, with more than 100 staff now operating within its Australasian network.
Greg Marino, one of the founding partners of Banks Group in Melbourne, stated that “the creation of the network allows for the broadening of the Banks Group brand name and allows each firm within the network to expand its overall client service offering by utilising the resources of other network firms”.
Eugene Smarrelli, director at Banks Group, noted that the time difference within Australia was the catalyst for the acquisition.
“We’ve got clients in Western Australia, and one of the biggest difficulties we’ve found in dealing with WA is the time difference. We’re in the same country but the time zones are sometimes difficult to work with,” Mr Smarrelli said.
Banks Group was historically a stand-alone suburban accounting practice in Melbourne, but recent years have seen a broadening of its service offerings and the establishment of a network of independent firms in Sydney and Auckland.
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According to Mr Smarrelli, an affiliation with global accounting association Integra International allowed Banks Group to meet like-minded firms, which they eventually acquired to expand into Sydney, Auckland and now Perth.
Establishing an Australasian network has greatly benefited the firm's operations as a whole, said Mr Smarrelli, noting that New Zealand clients are no longer referred to unaffiliated firms and can now be kept within the reach of the network, with the same benefits set to be made available in WA.
“Having someone on the ground that we know we can trust makes it a lot easier to work,” he said.
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