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QUEENSLAND financial services group Hall Finance and Insurance (HFI) Group has added taxation to its capabilities by acquiring an accountancy practice in Bundall.
HFI founder Roy Hall (pictured) has taken a bullish approach to growth by taking over Eastern Taxation Service (ETS).
Chan Lawyers solicitor Charles Chan advised HFI on the $370,000 deal, which involved relocating ETS’ three staff to HFI’s Labrador office.
Hall says about 9 per cent of the group’s fiscal 2011 revenue growth is attributed to the acquisition.
“I approached them as I was looking to give a more holistic service to our clients by including taxation services instead of referring people to other providers,” he says.
“The 1100-strong client base in ETS’ portfolio was split 45 per cent as companies, 40 per cent as family business and 15 per cent as employed professionals. The high percentage of self-employed clients added value to our business, because we could provide them with income protection, life and commercial insurance products.”
To support the new tax division, HFI has hired RACQ distribution manager Michelle Cocks as office and distribution general manager. She will be responsible for overseeing HFI operations across four divisions, human resources and training.
“We chose Michelle for her broad skillset, experience in managing teams of more than 60 staff and understanding of cost referral processes between different corporate divisions,” says Hall.
In addition to this, HFI is developing new client relationship management (CRM) software to collate and present data from all four divisions.
“We have implemented and signed off on a HFI Group software solution with Sydneybased AdviserLogic (AL) to develop a CRM that can compile home loan, life insurance, home and contents insurance and tax return data from all our clients,” says Hall.
“We can use this information to give clients online access to all their products and services on a single website.”
Hall says he chose AL for its experience in developing financial planning software and ability to provide live data feeds of client balances and daily financial data from Suncorp, Colonial First State and Zurich, among others.
HFI plans to expand its 250 sqm office space to accommodate the company’s rapid growth.
Hall confirms the group has acquired a 200 sqm space next door, which is being rented by Walker Corporation for about $800,000. HFI’s 2012 plans include recruiting two financial planners, expanding its bookkeeping business and appointing an entry-level accounting and financial planning graduate from Griffith University.
Hall established the group in 2003 with $100,000 in savings. His vision was to provide ‘holistic’ financial services for clients by assisting them with all their accounting, financial planning and insurance needs.
“We are an innovative young dynamic business achieving a holistic view in the financial sector, giving clients more time to work on their business as we find them solutions,” he says.
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YOUNG ENTREPRENEUR FINALIST
Roy Hall
HFI Group
FINANCIAL SERVICES
Age: 36
Business Est: 2003
Staff: 20
Growth: 22 per cent
Turnover: $2.4 million
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