“We’re seeing a seismic shift in terms of the market dynamics of the wealth management market. We’ve seen the big banks leave the sector and only a few years ago, the banking institutions controlled a large portion of the market share in Australia,” Mr Holland explained.

“That’s created a void in the industry and I think there’s a big opportunity for smaller boutiques to really grow and take hold of that opportunity going forward,” said Mr Holland.

Mr Holland said he is seeing a lot of accounting firms look to bring on wealth management firms.

“We are seeing some M&A activity in that space where you might have a joint venture between an accounting and financial planning firm or an accounting firm bringing on advisers to grow their wealth management services because there’s a big overlap [between accounting and advice services] and they’re quite [complementary],” he explained.

In most cases, Mr Holland said this is primarily being driven by accounting firms that are looking to bring financial advice expertise into their business.

“The more common scenario is where you have an established accounting firm, and they may already have a wealth management offering that they’re looking to grow, and you’re seeing those firms bring on financial advisers to grow that part of the business,” he said.

“It’s less common to have it going the other way around, where you’ve got an established financial planning firm, bringing on accounting expertise.”

The change in education standards is another factor leading to the growth of multidisciplinary firms, he said.

“It’s become more difficult and there’s a longer process to become qualified to provide financial advice compared with a few years ago,” he noted.

“I think once we’re through those education standards and the industry has settled, there’s going to be a really good opportunity for quality boutique firms who are well placed to service the market, to grow. You may see a lot of like-minded, independent boutique firms merge together to create a strong offering.”