Altus Financial expands footprint through double NSW mergers

Accounting & wealth advisory Altus Financial has performed its second merger in as many months, striking a fresh deal with Sydney’s Honan Partners following its recent one with Central Coast firm Fortunity.

Headquartered in Sydney, Altus Group was last year ranked by the AFR as the country’s 40th largest accountancy by revenue, up by double-digits to just under $30 million, while Money Management pegs its assets under management at $3.5 billion.

Established more than three decades ago, the firm says the successive deals for Honan and Fortunity now cement its position as one of Australia’s fastest-growing professional services outfits providing integrated financial advice to private clients.

“Altus Financial is building a modern, growth-orientated advice business that partners with aspiring business owners and supports wealthy families,” stated managing director Scott Young following the firm’s latest merger. “These clients demand a business with the capability to deliver a depth and breadth of expertise, whilst still ensuring a relationship-driven value proposition.”

Honan Partners

Based in Macquarie Park in Northern Sydney (from where it will continue to operate), Honan Partners was founded forty years ago by managing partner Neil Honan and today has a team of around one dozen partners and staff serving high-net-worth individuals and large family operations on their tax & compliance, business advisory, and wealth management needs.

“Since 1984, we have been privileged to support business owners and families with their most important challenges,” Honan said. “Joining Altus allows us to continue this work with greater resources, while remaining guided by the values that have shaped us from the start. It also opens up meaningful opportunities for our people, most who have been with us for many years.”

Altus noted Honan Partners’ reputation for integrity and technical excellence along with its loyal client base, with Young stating; “Honan’s culture of personalisation and high-touch client service is a perfect match for ours. The merger accelerates our vision and employee-ownership model, and together we will be stronger as one in creating value for clients and pathways for our people.”

Fortunity

The Honan merger follows just weeks after Altus signed up Fortunity, another NSW firm based on the Central Coast which provides a similar suite of services across accounting, tax, audit, business advisory and financial planning but will according to the parties mutually expand their specialist offerings in areas such as CFO solutions, personal insurance, and debt advisory.

Paul Bolton, one of eight website-listed Fortunity directors, partners, and associate directors who has been with the firm since its formation through a previous merger in 2006, said; “The Altus team act and think the same way we do, and we will be stronger as one. By joining forces, we’re both better positioned to deliver lasting value to our clients, people and the community.”

Altus said the merger would “reshape the professional services landscape on the Central Coast" by creating the largest and most experienced integrated private client financial advisory in the region. While continuing to operate as employee-owned businesses under their own brands and leadership roles, the local team from Altus is joining Fortunity’s new offices in Erina.