Financial advisory group Omniwealth is seeking its own chartered accounting business by either acquiring an existing firm or employing accountants to expand in-house.
"Our goal is to acquire an existing accounting firm or pick up a couple of accountants who are working elsewhere and grow it organically," Omniwealth managing director Matthew Kidd told InvestorDaily.
"These are the two strategies. We just haven't made the decision as to which way we're going but the board will be making some decisions shortly about that."
The deadline for the full implementation of its internal accounting firm is 1 July 2013, Kidd said, adding that it has already been referred to one firm.
If the company chooses to employ accountants, it is looking to bring in two to three.
The group has a joint venture with an accounting firm who run Omniwealth Accounting, which is involved in the process and will move the new firm into the business if it decides to acquire, Kidd said.
"Once we pick which strategy we're going to use, then we'll build the body of how that's all going to work," he said.
The decision to add accountants has been influenced by the growth Omniwealth has experienced in the accounting services side.
It has tripled the amount of business it first intended it would do, Kidd said.
"We thought a lot of clients would be reasonably attached to existing accountants so we were expecting a low take up of our services but it's actually been the complete opposite," he said.
"We'd never pick up 100 per cent but we're close to 70 or 80 per cent."
