Countplus has taken a 25% stake in SA accounting firm Hood Sweeney, which will maintain its own financial services licence and continue to operate independently.

Hood Sweeney MD Matthew Rowe, who is also the chairman of the Financial Planning Association, says the firm will also keep its own approved list.

“Countplus will have no influence on the day-to-day running of Hood Sweeney and that was made clear from the outset,” he told insuranceNEWS.com.au.

“We now have access to a broader network of professionals but that doesn’t mean we have become institutionalised.”

The deal allows Hood Sweeney to become debt-free, Mr Rowe says. “We now have access to more capital and this has given us a platform for growth.

“Hood Sweeney has experienced significant growth during recent years and we are now ranked the 32nd-largest accounting firm in Australia.”

Countplus Executive Chairman Barry Lambert says his group has been impressed by Hood Sweeney’s reputation.

“With a focus on key markets of health, agribusiness, SME and family business, high-net-worth individuals and self-managed super funds, we believe Hood Sweeney will continue to go from strength to strength,” he said.

“For SMEs in particular, Hood Sweeney has successfully developed a unique model of integrating client services to encompass accounting and business advisory, financial planning, finance and technology services.

“This level of integration is a key differentiator from traditional accounting firms.”