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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