Small firms need to look to mergers and consolidations to survive in the current financial marketplace, according to one industry expert.
The recent merger between Howard & Company and Helm Godfrey is a good example of the collaborative approach and company formation needed to stay competitive in the industry, according to the managing director of the latter.
Bruce Wilson, Helm Godfrey MD told the FT Adviser that Howard & Co – previously owned by John Mather – focussed on providing tax planning advice for high rolling clients.
However, the companys three existing analysts will now move into Helm Godfreys city based offices to shore up operations there.
Mr Wilson said: "[Mr Mather] has discovered that being an adviser and running a business is difficult and the best way to make this work is to merge businesses.
"That way you do not have to worry about the management of a business, or issues such as compliance."
The merger would create an extra £800,000 worth of turnover a year, he estimated.
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