Adelaide advisory firm drives growth with appointment of new collaborative partner
South Australian business advisory and accounting firm dmca advisory is driving growth this year with a focus on personal relationships and collaborations with like-minded independent consultants, as smaller firms cement their place in the market with a more boutique approach.
dmca advisory, which currently employs 18 people, today announced a new collaboration with Pru Pascoe from EQAdvisory. Ms Pascoe, a chartered accountant and business advisory specialist, has worked with SMEs and family businesses for more than 20 years both as an external advisor and internal financial resource. Ms Pascoe will run her business out of dmca’s Adelaide office and consult on an ‘as needs’ basis on key projects.
dmca advisory director Tania Tonkin said the arrangement was a move toward using ‘virtual teams’, an idea borrowed from the creative industries where this kind of project work is more common. She said while other accounting and advisory firms were looking toward mergers or expansion, dmca’s strategy was to tap into expertise from those that complement the firm’s SME client base.
“Accounting and advisory services operate in a very competitive space. Many smaller firms have tried to grow through mergers with mid-tiers, but often that’s at the expense of personal relationships with clients.
“We’ve found the human touch is still very important, but it’s becoming scarcer. People value the fact that all members of our team know our clients by their first name and can stop to have a chat about what’s happening in their lives. You don’t get a number cruncher just clocking up the billable time.”
“The challenge comes in providing the full breadth of expertise that clients need today. We might work on tax, superannuation strategies and investment advisory, but sometimes we need someone with deep industry knowledge to discuss a particular succession planning strategy, or the legal structure of a new business. Working closely with a number of like-minded experts on a project basis is a way to offer the extensive range of services you’d find at the bigger end of town in a more cost-effective manner for our SME clients.”
Ms Pascoe said she was looking forward to working alongside Tania and the dmca advisory team given their similar values, complementary skill sets and considered approach to providing advisory services.
“Rapid growth in technology and automated solutions in the accounting industry has left many clients feeling that they are missing the human touch in interactions with their advisors and being serviced with a ‘one size fits all approach’ by a new manager every year. Boutique firms, such as dmca advisory and EQAdvisory are able to overcome this by allowing the directors of each firm to stay accessible and in touch with their clients, listening to their needs and providing clarity through tailored solutions and advice.”
Ms Tonkin said emotional intelligence and soft skills were becoming increasingly important in the industry.
“When we interview potential new staff members or partners we are just as likely to rate the ‘friendliness factor’ as we are to review experience and qualifications. Teamwork, client service ethos, and empathy have become the new KPIs.”
dmca advisory’s new collaboration with EQAdvisory adds to the package of ‘financial wellness’ strategies launched by the firm this year, which includes a women’s advisory and mentoring service, and a workplace health and wellbeing rewards program run in conjunction with Australian insurance firm AIA Vitality.
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