Accounting firms pursuing diversified revenue growth are still looking towards wealth management and financial planning, according to the latest accounting industry data released by the Commonwealth Bank.
The bank's Accounting Market Pulse publication has pointed to the areas being pursued by accounting firms as they look for growth, nominating management consulting services as a preferred area of expansion for many large and mid-sized accounting firms, as well as restructuring firms.
Writing in the bank document, the Commonwealth Bank's national manager, professional services, Marc Totaro, said he believed the latter two groups also saw increased opportunities in business advisory and property advisory services.
"Other firms plan on entering wealth management and financial planning," he said.
"More immediately, the greatest short-term growth in revenue is expected to come from economic and social policy advice, tax consulting and wealth management, and financial planning."
The Commonwealth Bank research suggested that the push into wealth management and financial planning was something being pursued by smaller scale accounting firms.