FinancialPlanning: Noyes launches buying spree for accounting and tax firms
Noyes, a 110-year-old wealth management, and investment banking firm, intends to acquire more accounting and tax firms after buying Kiely & Associates, a tax and accounting practice, last month.
The addition of Kiely & Associates will provide family office, tax, and business services to Noyes’ wealth management and financial management clients. The family office services represent an expansion of Noyes’ core advisory business.
“We’re a wealth management firm by trade,” Noyes COO Matthew Reynolds says. “We bought the Kiely & Associates practice for two reasons. One is to help build out and launch our family office practice. The second was, a number of the services that Kiely & Associates provides — tax prep, bill pay, basic accounting for entities and for entrepreneurs — are areas that we look at as a value-add to our larger wealth management clients.”
Now, he says, Noyes is looking to further expand through more acquisitions. “What we would like to do is simply take an approach where we are gathering and providing a capability for those other accounting firms to have a succession plan, but also for us to go ahead and scale that business as well.”