Expansionist plans from Chan & Naylor
Accounting firm Chan & Naylor plans to expand with the launch of a distribution network and a centralised management system, and has appointed Karnig Momdjian as new chief operating officer to oversee the process.
Momdjian is a former accountant who was also director of IT with Deloitte and senior executive at Solution Six.
The firm will be offering a partnership model for independent accounting firms that are interested in forming a partnership with Chan & Naylor, representing the brand and sharing resources through a ‘hub and spoke’ information system, according to the firm’s chief executive, Sal Carrero.
The partnership model may also appeal to firms considering succession plans, he said.
Chan & Naylor’s private practice management program is operated via its Envision management tool, which is also made available via eknowhow Accounting and reaches 1,316 individuals and 415 accounting practices, the firm stated.
The firm said it would look to extend its reach through the Envision program and other tools such as online forums and participation in industry groups.
The firm’s Knowledge Connect information resource will support the distribution strategy and should be ready within three months, according to Chan & Naylor.
“I am confident that by extending our expertise and reputation we will offer new partner firms peace of mind when it comes to keeping up with compliance issues, more effective marketing and promotion, improved knowledge management and above all more opportunity and productivity,” Carrero said.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
