Western Australia-based financial planning firm Southern Financial Strategies (SFS) has significantly expanded its business operations following the acquisitions of an accounting practice and a business coaching business in the past 18 months.
SFS principal Steve Salvia said the business had two offices at Morley and Riverton in Perth, both of which housed financial planners and accountants.
“Clients really have a strong affiliation with their accountants, so we wanted to tap into that by acquiring an accounting firm, but at the same time by developing the relationships accountants have with clients from being transactional to more advice driven,” Salvia said.
“Aside from our newly-acquired business, which we re-branded Accounting Focus, we also acquired a business coaching business called 10X the Business X Factor.
“This operates out of our current offices and basically targets high-end blue-collar small to medium-sized businesses and takes them from being a good to a great business.
“Because we can also align these businesses with our financial planners and accountants, it also means there is significantly more opportunity to refer within our own business aside from those referrals that come from external partners.”
He said he decided to target high-end blue-collar businesses in the areas of construction and manufacturing as he was originally a plumber by trade and worked in mining.
Winning the 2010 Association of Financial Advisers Adviser of the Year award after putting his business through the 10X program, he said it was testament that it worked.
“Through the acquisition of the accounting and business coaching firms we really have created a one-stop shop and client testimonials have increased tenfold,” he said.
“Going forward our main aim is to consolidate and we’d also like to acquire two more accounting firms in Perth so that we have four strategic locations.”
