Accounting firm HLB Mann Judd Melbourne has joined with a financial adviser to create a new wealth management division as the industry moves toward holistic services.
Financial adviser, Andrew Lord, will lend his expertise to the new division, to be called HLB Mann Judd (Vic) Wealth Management, as the accounting firm expands into wealth management.
"With clients increasingly seeking more holistic services from their advisers, a strategy that brings together the accounting and advice services of HLB Mann Judd, and my own financial planning skills, made sense," said Mr Lord.
Mr Lord has more than 15 years' experience in financial services and will head the new wealth management division as part of the merger between HLB Mann Judd and Mr Lord's own adviser practice.
HLB Mann Judd has said that with the industry moving towards convergence, now was an opportune time to expand into financial services.
"We believe offering quality financial planning and wealth management advice to clients is an important component of the overall services we provide, and we have therefore been looking for the most suitable partner to join us," HLB Mann Judd Melbourne managing partner Mark Pizzacalla said.
With the Future of Financial Advice (FOFA) reforms accelerating moves toward holistic offerings, HLB Mann Judd Melbourne are the latest accounting firm to expand into wealth management.
Centurion Market Makers chief executive Chris Wrightson said he expects to see an obvious converging of businesses over the next five years as the trend towards disaggregation continues.
"Our view is that if you look forward five years, you'll see [planning and brokering] businesses converging and trying to service each other's customer base because it's all about trying to make more money by delivering more services to your customers," Mr Wrightson told InvestorDaily in October.
"We say, if you're a planner providing planning services, maybe you also need to provide brokering services to your clients as well."
