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National network on SMSF acquisition trail
One major accounting network is upping its focus on acquiring SMSF specialist firms, marking its intention to expand its offering beyond core tax preparation work.
H&R Block confirmed to SMSF Adviser it is expanding its program of practice acquisitions. SMSF specialist firms will be a key part of this strategy for the 2017-18 financial year.
Broadly speaking, H&R Block has acquired 10 independent practices in three years, which delivered $3 million in fees. The target for this financial year is significantly more aggressive at $2 million.
The network has been active on the SMSF front in recent years. In August 2015, H&R Block established its SMSF Solutions brand, and it has also established a referral partnership program with Infocus Financial Advisers to, in part, secure more SMSF work.
Director of tax and communications Mark Chapman stressed H&R Block’s central business focus remains on tax return preparation for individuals, diversifying its services as a focus item for the network.
“It’s all part of our drive to expand the services we offer to clients in our market,” Mr Chapman told SMSF Adviser.
“While we’ll keep a focus on our core business – tax return preparation for individuals – we’re also diversifying into tax advisory services, business services, bookkeeping, SMSF and financial advisory services,” he said.
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