Matthews Steer Chartered Accountants moves into wealth management
Melbourne-based accountancy firm Matthews Steer Chartered Accountants has announced the creation of a wealth management division.
Headed up by director Geoff Steer, the company will merge its financial planning group with its private client accounting service to form the core of the new division.
According to Matthews Steer, the move to set up Matthews Steer Private Wealth & Tax Management follows the Government's recent changes to the Australian financial services license to blend financial planning with accountancy services, as well as the continued growth of self-managed superannuation funds (SMSFs).
"On top of that we are seeing more demand generally for combined services across accountancy, taxation and wealth generation from business and high net worth clients," Steer said.
"Many financial planners are not qualified accountants or registered tax agents, and are unable to provide advice on taxation and structures such as trusts and SMSFs that are necessary to protect assets and minimise tax."
He added that the establishment of the wealth division would provide the firm with a "significant value proposition".
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