POWERS Financial Group and DKM Group have merged and re-established the global mid-market accounting and advisory services network Moore Stephens in Queensland.
The firms today announced merging to form Moore Stephens Queensland and Northern NSW (Moore Stephens QNNSW), trading as such from May 1.
Powers Financial Group, originally from Biolela, and DKM Group, from Northern NSW, each have a strong presence in Brisbane with the merger cementing the new Moore Stephens QNNSW foothold.
Moore Stephens QNNSW chairman and former Powers Financial managing director Ian Congram said the merged firm would comprise of 16 directors and principals, and 115 staff members across seven offices reaching from Rockhampton to Coffs Harbour, with total annual revenues expected for year one of $20 million.
“We’re now in an excellent position to take advantage of anticipated growth across the region,” Mr Congram said.
“This merger and subsequent joining with the Moore Stephens network cements our position as one of the leading mid-market accounting and business advisory services offerings across the region today.
“As Moore Stephens QNNSW, our clients not only have the opportunity to access the world-class expertise, systems and services they need to grow locally, but also to get that same standard of support wherever in the world they want to do business.”
Mr Congram said by joining one of the world’s largest mid-tier accounting networks, the newly merged firms will have access to greater resources for servicing clients along with attracting quality staff.
“The merger was carefully planned over more than a year to ensure neither firm felt like they were being taken over by the other,” he said.
Greg Mallam, managing director for the new Moore Stephens firm and previous managing director for DKM Group, said Powers was an ideal accounting firm to merge with, as they have a similar history, and it became a case of two halves make a whole.
“Both firms originated from regional areas, we work with the same operating systems, similar client base – Ian and I were even born on the same day in the same year,” Mr Mallam said.
“At times it has felt like the synergies between the firms were just too good to be true.”
Mr Mallam said becoming part of the international Moore Stephens network also made sense with the rise of globalisation in business.
“As the world becomes smaller, opportunities for international growth becomes more accessible and as our clients grow so does our need to provide more complex services,” Mr Mallam said.
“We can now depend on colleagues in all four corners of the globe to provide seamless service and support to meet the needs of multi-national clients.”
Mr Mallam says the client relationship remains paramount and entrenched in the culture of all their offices in Brisbane, across Queensland and northern NSW.
"I've noticed such trusted, client-focused connections across both firms as we come together,” he said.
Moore Stephens Australia’s chief executive officer Peter Antonius welcomed the formation of Moore Stephens QNNSW.
“Moore Stephens QNNSW’s established regional footprint, depth of expertise and unwavering commitment to delivering value for clients aligns with our vision for the network in Australia and around the world,” Mr Antonius said.