The William Buck Adelaide Story

WILLIATHMEBUCK
ADELAIDE
STORY

Published June 2022
William Buck (SA) Pty Ltd
Level 6, 211 Victoria Square

Adelaide SA 5000
williambuck.com | 08 8409 4333

Printed in South Australia by:
Open Book Howden Print + Design

Written by:
Sally Collings

Designed by:
Welbourn O'Brien

Feature Photography:
ASB Creative Professional Photography

All reasonable attempts at factual accuracy have been made.

THE
WILLIAM BUCK

ADELAIDE
STORY

A HISTORY OF WILLIAM BUCK ADELAIDE
1895 – 2021

1895 1965 1978

Mr William Buck establishes Mawson Giles appointed Dean Trowse appointed
accounting firm in Melbourne. Senior Partner. Senior Partner.

1946 1966

Brothers Ken and Mawson Relocation from
Giles establish accounting firm Grenfell Street, Adelaide
Giles & Giles in Adelaide. to Northview House,
Greenhill Road, Wayville.

1927 1947 1951 1976

RJC Evans and Ken Giles Merger with Victor Merger with Giles & Giles enters the
establish accounting firm Trenerry. FG Malpas, Kadina. world of technology,
Evans & Giles in Adelaide. purchasing first computer.

1987 1993 1996 2000

Dennis Laundy appointed William Buck expands Giles & Giles joins the GST introduced.
Managing Director. nationally. William Buck Group.

1982 Stock Market crash. First annual Outstanding
Achievement Award
Peter Brock appointed presented.
Senior Partner.
Merger with Higgins Botha.

1985 1989 1994 1998

CGT introduced. Giles & Giles forms specialist Joined GMN Giles & Giles changes
divisions – Business Advisory International. name to William Buck.
& Wealth Advisory.
Moved to 48 Greenhill Road,
Kadina office established. Wayville.

2002 2006 2009 2010

Wealth Advisory FUM Jamie McKeough Joined Praxity. William Buck
reaches $500m. appointed Managing Group turnover
Director. Merger with Moore passes $50m.
2003 Stephens.
Expanded Brand and
Audit specialist Marketing activities. Staff numbers
division established. reach 100.
Wealth Advisory
obtains own AFSL.

2001 2004 2005 2008 2 0 11

Superannuation Merger with Harmer Staff numbers Relocated to Merger with
specialist division & Associates. reach 50. 211 Victoria Square. MSI Tilley.
established.
Global Financial Crisis. Wealth Advisory
Joined AGN FUM reaches $1b.
International.
Tax specialist
division established.

2014 2015 2018 2021

Corporate Advisory Investment in William Buck Group Jamie McKeough appointed
specialist division technology to allow turnover passes Chair of William Buck Australia
established. remote working. $100m. and New Zealand.

‘Changing Lives’ Wealth Advisory FUM
brand promise reaches $1.5b
launched.

Merger with Flood
Allen.

2012 2017 2019 2020

Merger with Merger with SP Merger with Merger with MacKenzie Advisory.
Lewis Richmond. Accountants. Tregloans.
Managed Funds Administration
Staff numbers specialist division established.
reach 150.
COVID-19 Pandemic.

Contents 13
15
1. Who is William Buck? 21
Introducing William Buck Adelaide 25
Our Vision 29
Our Strategy 43
Our Professional Services 45
2. Growth and Resilience 53
Becoming William Buck 59
Relocating to the CBD 65
Joining Praxity 75
Mergers 89
Future Proofing the Firm 91
3. Our Values and Culture 97
Our Values and Culture 101
Our Employee Care Plan 111
Community
Changing Lives

4. Our People 119
Our Team 121
Awards 127
Learning and Development 133
Leadership 139
5. Our Clients 151
Client Service 153
Genuine Care 155
Client Value 161
Multi-Generational Clients 171
Growing Together 175
Conclusion 185
The William Buck Team 187
Testimonials 189

Foreword

I wonder whether Mr William Buck ever considered that the get to know our clients and their businesses; to understand
accounting practice he started in Melbourne in 1895 would the complexities of family relationships, the intricacies of
be changing lives 125 years later. His is an incredible story of corporate structures and uphold our high-quality standards
determination, generosity, and above all, total commitment to deliver innovative and superior outcomes for clients.
to his clients. On a parallel path, brothers Ken and Mawson We help our clients overcome challenges to be the best they
Giles started their own accounting firm in Adelaide in 1946. can be. We are in the business of changing lives!
According to Mawson, Giles & Giles did not have a motto
but simply gave its clients the best service it could and To do this successfully, we rely on a dedicated team of
treated them like family. professionals and support staff. Each one of them is a William
Buck person; genuine, grounded, caring, ambitious and
These heartfelt, yet inauspicious origins, laid the foundations above all committed to our clients. We pride ourselves
for something much greater than Mr William Buck or the on our ability to recruit and retain the best people in
Giles brothers most likely intended. Their respective firms the business. We create opportunities for our staff and
followed a bumpy road of ups and downs as they negotiated promote from within. We are focused on wellbeing and we
wars, depressions and droughts. They wrestled with new like to have a good time! We employ staff for the long-term
technology and transitions in leadership and came through which helps us build long-term relationships with clients.
the other side. No matter what was thrown at them, Mr That is what it’s all about!
William Buck and Ken and Mawson Giles put their clients
first. William Buck has come a long way in 125 years. We have
grown, merged, specialised and benefited from being part
Today, it is our privilege and our responsibility to ensure this of national and international networks. Today, we are one
tradition continues. Here at William Buck, we believe that of Adelaide’s largest accounting and advisory firms. We are
what is best for our clients is best for us. We stop at nothing to the clear leader in the mid-market and we are committed

to providing this sector with the breadth and depth of
specialist services it needs. We are very proud of what we
have achieved, but we have much to look forward to, and
believe our best is ahead of us. As we look forward to the
next 125 years of change, one thing that won’t be changing
is our passion to continue to change the lives of our clients
and staff.
On behalf of our staff, past and present, I’d like to present
you with the William Buck story. You all play an incredibly
important part in this. Understanding where we have come
from will play an integral part in how we navigate the future.
I hope you enjoy reading it!

Jamie McKeough
Managing Director



William Buck Adelaide team, 2021

1

Who is William Buck?

Chapter 1 | Who is William Buck?

INTRODUCING
WILLIAM BUCK
ADELAIDE

Today’s William Buck Adelaide
is confident and contemporary.

Today’s William Buck is confident and contemporary. Giles is a firm with a strong appreciation of its history, but
The firm has built on the foundation of professional excellence more importantly an understanding of its capabilities and an
and genuine care for clients which was established by uncompromising focus on delivering professional services
Mr William Buck in the late 19th century. The celebration to a broad range of clients and providing outstanding career
of the 125th anniversary of the William Buck Group, opportunities and other benefits for its staff.
coincides with 75 years since William Buck Adelaide was
established. This was back in 1946, when brothers Ken and William Buck Adelaide owes its existence primarily to the
Mawson Giles founded a small accounting practice called Giles brothers, who between them led the firm steadily
Giles & Giles. Since then, the firm has undergone a significant for more than 32 years. Ken Giles handed the baton to
transformation from an unassuming, “old school” firm to Mawson in 1965, and after Mawson’s retirement in 1978, the
one which offers multidisciplinary services delivered by a firm took the opportunity to consider a more contemporary
team of experts. Today’s William Buck is mixing it with the direction. Senior Partner Peter Brock, proposed that Giles &
Big 4 accounting firms in Adelaide in terms of its size, Giles needed to become more strategic in order to survive
specialist services and its exceptional client base. and succeed in an increasingly competitive profession.
Dennis Laundy invigorated this transformation when he took
Despite its growth, one thing that has remained steadfast the reins as Managing Director in 1987. Dennis describes
over the last 125 years, is the firm’s genuine interest in and himself as a “man in a hurry”. His perception that Giles & Giles
care for clients and staff. Mr William Buck laid the foundation was an “old firm” was shared by the Adelaide market which
for this as early as 1906 when he started up a school for viewed Giles & Giles as a trustworthy and reliable firm who
accountants. Ken Giles, and his younger brother Mawson, diligently turned out farmers’ tax returns. “I wanted people
also contributed to this cornerstone philosophy through to think that we were a bit broader, a bit more contemporary
their unwavering commitment to client service. Today, the and a firm that was actually doing things,” Dennis said.
combined legacy of Mr William Buck and Ken and Mawson

15

Mr William Buck
Top Right: Mawson Giles
Bottom Right: Ken Giles

16

Chapter 1 | Who is William Buck? boosted by the rapid growth of the Wealth Advisory division.
Funds under management (FUM) reached $500 million in 2002.
And so, he set the ship on a new course, recruiting staff Specialist Audit and Superannuation divisions were also added
for the journey, among them Jamie McKeough who joined to the firm’s professional service offering. Another pivotal
Giles & Giles in 1988. Dennis described Jamie as “the sort moment was Jamie’s appointment as Managing Director in
of person I wanted to get on the bus”. In 1993, Jamie was 2006. With a head for facts and figures and the charisma to
promoted to Director and it soon became evident that win people over, Jamie was the ideal candidate to lead the
one day he would succeed Dennis as Managing Director. firm into the future. As many long-term staff acknowledge (and
Giles & Giles began executing its vision for a bold, new direction. there are plenty of them), Dennis kicked off the firm’s growth,
It was a pivotal moment when the firm joined the William but Jamie accelerated it. A combination of strong organic
Buck Group in 1996 and within two years changed its name growth and a series of mergers saw the firm quickly expand
to William Buck. The Giles & Giles name was synonymous in size, expertise and confidence. In addition, continued
with the firm’s solid foundation, but not with its future. investment in the William Buck brand began paying dividends.
The name change coincided with the firm’s relocation from
68 to 48 Greenhill Road in 1997, to a bigger and more During the 1990s, there were several iterations of the William
modern office that could accommodate its 40-strong staff. Buck Group, but essentially it was a federation of like-minded
accounting firms, each wanting to grow and pass on the
Over the next few years, William Buck Adelaide focused benefits of the William Buck association to their clients.
on its vision to become more contemporary and expand In 2009, a rejuvenated William Buck Group joined Praxity, the
its range of services, as well as its number of staff. world’s sixth largest accounting alliance, which represents
The firm began investing in the William Buck brand and more than 60,000 professionals in more than 110 countries.
its financial performance and reputation were dramatically The association with the William Buck Group and Praxity
confirmed to William Buck Adelaide what it already knew.
That it had everything it took to be successful; the right
people, the right strategy and all importantly, strong alignment
within the organisation. This gave the firm the confidence
it needed to continue to develop its specialist services and
to pursue bigger and more complex clients. Associating
with the William Buck Group and Praxity also provided
the firm with access to new knowledge and experiences.
It was like selling candy to a kid! William Buck Adelaide was
a sponge when it came to soaking up new ideas. Today, the
firm continues to demonstrate this almost obsessive pursuit
of knowledge and better ways to do business. “We don’t
pretend to know it all,” Jamie says. “Learning from others
is part of our DNA”.

Partnership agreement between
Ken and Mawson Giles, 1949

17

Giles & Giles Partners and Senior Staff, circa 1980. Back L-R: Jack Davis, Graham Perrin, Peter Brock,
Dennis Laundy, Bruce Giles. Front L-R: Doris Brokensha, Dean Trowse, Mac Dunstone, Mawson Giles

"The firm measures success in terms of its ability to have
a positive impact on the lives of its clients and its staff.
To change lives!"

So, who is William Buck Adelaide today? It’s a firm which a similar size to the other three. But even for accountants,
remains grounded, cognisant of the values of friendly service it’s not all about the numbers, and at William Buck Adelaide,
and genuine care for others which were laid out by Mr William success is not measured in size. Instead, the firm measures
Buck and Ken and Mawson Giles. Today’s firm is defined not success in terms of its ability to have a positive impact on
only by the admirable values of its founders, but also by a the lives of its clients and its staff. To change lives! Jamie
dedicated team of professionals who work collaboratively to says the firm’s motivation to grow and develop is to create
deliver a broad range of specialist accounting and advisory greater career opportunities for staff, so they remain with the
services. Today’s William Buck Adelaide is confident and even firm, which in turn, facilitates long-term and more valuable
has a little swagger. Retired Director Wendy Drake says that relationships with clients. You will learn, as you read through
today’s William Buck “dares to go there”. No client is out this story, that’s what William Buck is all about. Long-term
of reach. The firm has grown to a staff of almost 200. It is relationships with clients. Long-term relationships with staff.
larger than one of Adelaide’s Big 4 accounting firms and is It’s the William Buck way.

18

Chapter 1 | Who is William Buck? In 1925, William’s son, William Walter Buck, affectionately known
as Bill Buck Junior, joined the firm. Bill was charismatic, witty and
STEP BACK IN TIME: popular. He was an accomplished sportsman and after being
FROM THE BEGINNING spotted by a talent scout, he was recruited to the Collingwood
Football Club. He played 32 games between 1920 and 1924
Mr William Buck was born in Launceston in 1870 and started and held the highly unusual distinction of being club secretary
his own accounting practice in Melbourne in 1895, aged 25. while still playing football. However, in 1925, both his playing
It took resourcefulness and determination to establish a new and administrative careers ended prematurely, following a bus
business in the midst of one of Australia’s worst economic accident in which Bill broke his arm in three places. As you read
depressions. William’s passion for helping people ensured on, you will discover that William Buck’s long association with
his firm gained a solid reputation in the Melbourne business Australian Rules Football is very much alive today!
community. As well as assisting clients and their businesses,
William had a desire to raise the bar within the accounting In 1927, Bill took over from his father as Managing Partner
profession and in 1906 he founded an accounting school. of William Buck. William remained at the firm as a Principal
Over the next 20 years, he mentored hundreds of students for the next 20 years until he returned to his hometown of
as they prepared for their final examinations to gain admission Launceston. Under Bill’s leadership, the firm continued to
into the Incorporated Institute of Accountants in Victoria, have a positive impact on the lives of clients and the success
today known as Chartered Accountants Australia and New of their businesses. The firm had seven business units, eight
Zealand. William took a personal interest in each of his Partners and nearly 100 staff and it was one of the leading
students, just as he did with his clients. He was described accounting firms in Victoria. Bill inherited his father’s passion
as courteous, generous and a ‘true friend’. for helping people and continued to be involved with the
company until shortly before his death in 1980.
Accounting school founded by Mr William Buck, 1906

Left: Student letter of appreciation to Mr William Buck, 1909

19

The late 1970s proved a challenging time for Australian Peter was appointed as William Buck’s first national Chairman
businesses, and the difficult transition from Bill Buck’s and he began recruiting firms from across Australia to join
leadership to his successors, saw William Buck contract the network. The number one thing he was looking for was
in size and move from the city to Hawthorn. Around this firms who were making a positive impact on those around
time, two ex-Arthur Andersen managers, Fausto Pastro them. Perth-based Bradshaw Judd and Collins was the first
and Peter Harrison, ventured out on their own and set up a recruit, joining the William Buck Group in 1994. From there,
successful practice. They were looking for another firm to the Group went on to recruit firms in each capital city, as well
merge with and William Buck had all the right characteristics. as an associate in New Zealand. The William Buck Board
In 1983, Peter and Fausto joined William Buck. Together with was created in 1997, with a vision to become the leader in
a young William Buck Partner, Ian Lee, they commenced the mid-market. Over time, the Board adopted a national
their journey and charted a new course for the firm. approach to branding, quality and training to ensure William
Using Fausto’s background in tax and Peter’s experience Buck developed an outstanding reputation for changing lives
in audit, the firm’s new strategy was to build up speciality through quality advice and excellent service.
services for the benefit of their clients. In addition, the three
Partners devised a plan to take the company national, with
Fausto moving to Sydney in 1989 to set up William Buck’s
first interstate office.

Left: Student letter of appreciation to Mr William Buck, 1909
Bill Buck Jr, Collingwood Football Club
Career, 1920-1924

20

Chapter 1 | Who is William Buck?

OUR
VISION

Today, William Buck Adelaide has a clear
vision; to be the leading advisory firm to
mid-market clients.

Today, William Buck Adelaide has a clear vision; to be the regarded as a quality firm in terms of our culture, our values and
leading advisory firm to mid-market clients. William Buck is service, and every aspect upon which a business is looked at.”
currently one of the largest firms in Adelaide, enjoying an
enviable position in the mid-market. According to Managing Directors and staff alike are well versed with the firm’s vision,
Director Jamie McKeough, this is absolutely deliberate. which is underpinned by four key values: CARE - Collaborative.
The firm recognises that there are greater opportunities for Aspiring. Relationship-driven. Enterprising. These are the
developing and maintaining long-term relationships with cornerstones on which William Buck continues to build its
privately owned and family businesses, small corporates, not- enviable reputation for friendly and professional service. Some
for-profits and high net worth individuals. These businesses of these values stem from the early Giles & Giles days, when the
typically provide greater stability across generations than Giles brothers went out of their way to visit clients on their farms.
larger corporations where people come and go. Others are the result of many years of pursuing excellence;
Directors and staff honing their specialist skills in order to provide
William Buck Adelaide’s vision is to continue to grow, but not clients with a breadth and depth of service more typically
just grow for growth’s sake. First and foremost, growth must associated with larger accounting firms. However, clients are
deliver a tangible benefit to clients, by increasing the depth not the only beneficiaries of William Buck’s commitment to its
and breadth of its services and recruiting and developing more vision and values. Staff thrive in this environment of trust and
specialists to deliver these services. William Buck’s Directors collaboration, where they are simultaneously nurtured and
believe “what is best for our clients will be best for us.” That’s the challenged. They have embraced the firm’s mantra ‘Changing
acid test they use when it comes to making decisions around Lives’, which was adopted across the William Buck Group
the Board table. “We want to grow in the future and we’ll grow in 2014, but more about this later! Jamie admits it is a bold
as big as we need to be,” Jamie says. “Our vision is very clear. statement, but says above all else, the firm aspires to have
We want to be the leading accounting firm in Adelaide, but a positive impact on the lives of its clients, its staff and the
rather than being big for the sake of being big, we’d rather be broader community.

21

In summary, William Buck’s vision is to be the leading advisory "What is best for our clients will be
firm to mid-market clients. The firm’s leaders understand best for us."
that in order to achieve this they must have a good value
proposition for clients; they need to have passionate staff
and recognise and promote talent to create an engaged and
motivated workforce; and they need to continue to grow
strategically and sensibly. Time will tell, but William Buck is
well on the way to achieving its vision.

In for the Long Haul

William Buck Adelaide’s long history is enriched by many While Lloyd’s businesses have been wound up, his
stories of multi-generational relationships between daughter, Anna, and her husband Damien Brown
the firm and its clients. A stand-out example is the continue to benefit from their family’s long association
Wilkinson family. Lloyd Wilkinson came from a small with William Buck. “Always in these relationships,
farm at Orroroo in the Mid North. He entered into a there’s that deep personal understanding of what the
partnership in a farmng business with his father-in- firm’s goals are and what our goals are,” Damien says.
law, George May, who was the Managing Director of “We feel enormously comfortable with William Buck and
City Motors, one of Giles & Giles’ early audit clients. they are an integral part of Leyton Funds and Anna’s
Lloyd borrowed some money and bought a couple of and my businesses.” Lloyd’s son, John Wilkinson, and
properties, one of which was in Western Australia, near his wife, Susan, also appreciate the advice they have
Geraldton. After mineral sands were discovered on received from William Buck over two generations,
the property in the late 1960s, Lloyd began receiving particularly in regard to succession planning.
royalties and amassed a large amount of wealth which They say business is always conducted in a friendly,
he invested wisely. At the time, Lloyd rented an office amicable way.
in the Giles & Giles building on Greenhill Road. In 1971,
Graham Perrin joined Giles & Giles and started doing Front: Meredith Treloar, Shirley and
Lloyd’s accounting work, assisting him with investments Lloyd Wilkinson. Back: Haydn Wilkinson,
in commercial property and further growing his wealth. Roger McLaughlin.
When Graham retired as a partner 18 years ago, he
continued to work for Lloyd and what later became
the CL Wilkinson Group. Graham continued to work
for Lloyd’s children for many years following Lloyd’s
death in 2008, and even after his retirement from
William Buck. Through its broad range of services,
William Buck continues to provide tax and accounting,
portfolio management and wealth advisory services to
members of the Wilkinson family, maintaining a valued
relationship that spans more than 70 years.

22

Chapter 1 | Who is William Buck? Ken received his Diploma of Commerce from the University
of Adelaide in 1924. After a short stint as a tax assessor with
STEP BACK IN TIME: the Taxation Department he entered into a partnership with
BROTHERS IN ARMS Roy John Coleman Evans (Jack) who had established a tax
agent’s practice in Adelaide following his discharge from the
Cast your mind back to Christmas Eve 1945. Australia, and army after World War I. Evans & Giles was registered in 1927,
the rest of the world, is emerging from the devastation of with offices in the Norwich Union Building at 14 Waymouth
World War II. Kenneth Livingstone Giles, aged 42, warmly Street. Jack and Ken quickly built up a significant list of rural
welcomes his brother Alexander Mawson, home from the clients. Their modus operandi was to visit country clients
war. Mawson, who hated every minute of his time training in their homes, offering them a highly personalised and
in the Armoured Corps, then serving with Field Security friendly service. A document recording the early history of
in Papua New Guinea, is delighted to be home. The two Evans & Giles states that, “Service to clients and consideration
brothers celebrate a special Christmas with their family. for their needs and conveniences were truly paramount,
The following year, they embark on a new adventure if unspoken, tenets of the firm’s creed.” Many miles were
together, a partnership called Giles & Giles. While it wasn’t travelled in horse-drawn carriages and on horseback, as
the first time the two brothers had worked together, Giles Jack and Ken tended to their concentration of clients in the
& Giles was a fresh start, and an opportunity to lay the Mid North of the state, and as far away as the Eyre Peninsula
foundation of what would eventually become one of and the South East. Mawson joined his brother and Jack at
South Australia’s most successful accounting firms. Evans & Giles in 1938. He said Jack had a reputation as “a
Mawson’s personal war diary reveals he felt terrible that first-class mixer with a habit of shouting a drink to almost
Ken had to make a start in the business without him. every client.” Mawson recalled that one visit to Jamestown
When Mawson was transferred to Papua New Guinea in concluded with a “rip roaring cocktail party” at a local hotel.
1944, he wrote “It is surprising how far away office life seems.”
Prior to joining Evans & Giles, Mawson worked for the
State Bank of South Australia, including a country posting
to Karoonda. He transferred to Yacka where he met
his wife, Sylvia, the daughter of a local farmer. Mawson
recalls that the experience of working at these country
branches in his late teens and early 20s, was one of
the happiest times of his life. “I liked the country. I liked
farmers and I liked living and working with them.” However,
in 1943, Mawson was conscripted into the army and the
Evans & Giles partnership was dissolved. Mawson believed
that a disagreement between Jack and Ken over whether
the firm should give him army pay was “the match that set
the thing alight”. “You can imagine whose side my brother
was on,” Mawson said of the incident. This fall-out led to
Ken moving up the street to number 47, where the business
Giles & Giles was registered in 1943. In his diary, Mawson
records that he visited the new office prior to joining the army
and was thrilled to see “Giles & Giles” on the door. “It is good

Giles Brothers, Ken (40), Max (38), and Mawson (26), 1941

23

of old Ken to put me in right from the start and I must think
of some way to let him know I appreciate it.” It wasn’t until
Mawson returned from the war, that he officially joined his
brother in the partnership on 1 July 1946. From the outset,
their shared vision for Giles & Giles was to service their
clients. This centered around the brothers’ genuine interest
in and concern for people, and their natural inclination to
friendliness. In Mawson’s words, “The firm of Giles & Giles
did not have a motto but simply tried to give its clients the
best service it could for a reasonable charge, treating them
like ‘part of the family’ with the Partners and staff.”

Right: Evans & Giles dissolved, 1943
Below: Evans & Giles letterhead, 1928

Named for a Knight

Mawson Giles confessed his name was a minor
embarrassment to him throughout his life. It was
somewhat of a pattern, as his father’s name was
Alexander Livingstone Giles. In an interview in 1991,
Mawson explained that the intrepid Douglas Mawson
lived nearby and had just returned from his second
expedition to the Antarctic when he was born in 1914.
Douglas Mawson was the only survivor of a three-man
exploratory party that formed part of the expedition
and was knighted later that year. For the Giles family,
with a tendency towards explorers, there was no escaping
this coincidence and the latest addition to the family was
duly named Mawson!

Mawson Giles

24

Chapter 1 | Who is William Buck?

OUR
STRATEGY

William Buck Adelaide’s strategy is to
bring the range of services to the mid-
market that the mid-market needs.

Based on its vision and values, William Buck Adelaide’s do and how they do it, William Buck is able to help clients
strategy is to bring the range of services to the mid-market and their businesses be the best they can be. It’s how the
that the mid-market needs. Business has become more firm change lives!
complex as life has become more complex, and today, William
Buck’s clients require a much broader range of services to Another of William Buck’s cornerstone principles is that
support their businesses and financial needs. This has been it operates as a ‘one firm firm’. This philosophy dictates
the key driver for the firm’s growth and the reason it has that clients are clients of the firm, rather than any individual
invested heavily in developing a range of specialist services, Director. In practice, this means the client receives the best
which have materialised through an equal proportion of service from the best person to resolve their particular
mergers and organic growth. issue. Traditionally, Partners in accounting firms have been
highly protective of their patch, unwilling to involve their
William Buck’s strategy revolves around its staff being colleagues. This is generally driven by the financial rewards
the number one trusted advisor to each and every client. generated through that particular client. William Buck moved
The firm banks on its staff being the first people clients turn away from this model in the early 2000s, believing that a
to when something happens, whether this is good or bad. ‘one firm firm’ mentality was better for clients. “It was quite
The position is an enormous responsibility, as well as a a pivotal moment in the history of the firm,” Jamie says.
privilege, and it’s what drives the team at William Buck. Such is William Buck’s commitment to this philosophy, that
It underpins the firm’s success in building multi-generational on rare occasions, it has parted company with staff who
relationships, cradle to grave. First, the firm must gain the are not 100% aligned with this collaborative approach.
confidence of the client. Once this relationship is formed, Another consequence of the ‘one firm firm’ philosophy, is
the firm and its professionals become embedded in the that the ownership of William Buck Adelaide is shared by all
client’s business; their most trusted advisor. This is when Directors, who each own a proportion of the whole pie, not
the magic happens! Through total investment in what clients different pies. “That is huge in terms of our DNA, the alignment

25

and in terms of us moving in one direction,” Jamie says. William Buck’s strategy to bring the range of services
Deputy Managing Director Martin Hill agrees that the firm’s to the mid-market that the mid-market needs, gives the
ownership structure has a lot to do with the success of the firm a clear direction. Alignment is key. Developing multi-
‘one firm firm’ approach. He says this philosophy has been generational relationships and trusted advisor status with
adopted by other accounting firms at a client level, but clients is fundamental. As is the ‘one firm firm’ mentality and
it doesn’t always extend to the ownership. “We’re doing being wide open to learning and new ideas. These principles
better at it than most and our ownership structure is a big ensure that William Buck remains ahead of the curve.
part of that,” Martin says. “We’re all in it together. We help They enable and empower the firm to go about its business
each other.” of ‘Changing Lives’.

There is no doubt that William Buck Adelaide’s strategy "Alignment trumps strategy. It
has been shaped by the acknowledgement that they don’t doesn’t matter how great your
know everything. They describe themselves as leading strategy is, unless you are aligned
edge, not bleeding edge. They are wide open to new as an organisation you won’t be
ideas. Their sponge-like ability to absorb best practice is
matched only by the willingness of the William Buck Group, able to execute it."
Praxity, and individual mentors to share their experiences.
Among them, Bill Hermann (former Managing Director of
Michigan-based Plante Moran), Kingsley Purdie (Port Pirie
born and bred, globally accomplished) and several visiting
professors from Harvard Business School. Bill has visited
Australia on several occasions to run strategy days for the
William Buck Group. He’s described as a “been there, done
that type of person” who can take things to another level.
Bill was instrumental in encouraging William Buck Adelaide
to have a bit more swagger. As a former Board member of
William Buck Adelaide, Kingsley helped develop the Wealth
Advisory division and build the William Buck brand in the
Adelaide market. One visiting Harvard professor shared this
pearl of wisdom, which the leadership team at William Buck
has taken on board. “Alignment trumps strategy”. It doesn’t
matter how great your strategy is, unless you are aligned as
an organisation you won’t be able to execute it. In particular,
the firm takes great pride in the alignment of its Directors.
There are no factions and no politics. “We are bereft of that
here, and that absolutely helps with our alignment,” Jamie
says. High-level advice from valued mentors has not only
boosted the firm’s confidence, but it has helped the firm to
develop a healthy business model and to run an aligned
business with minimal headwind.

Deputy Managing Director, Martin Hill

26

Chapter 1 | Who is William Buck? has been a growing feeling amongst the Partners that we
need to look to the future – not only to maintain our current
STEP BACK IN TIME: position, but to be prepared for the changes that must come.”
PLANNING FOR THE In 1987, the firm’s Partners agreed to engage Peter Edwards
FUTURE of Edwards Marshall & Co to advise on planning decisions
for 1988 and beyond. This was the first time the firm had
Today, strategic plans are commonplace in successful sought external input into a range of strategic issues and it
businesses. However, this was not the case in the early proved to be a turning point in the firm’s learning journey.
days of Giles & Giles when the focus was on “keeping the In 1989, Dr Adrian Geering, a prominent Adelaide business
ship upright and steady”. “It wasn’t business like it is today,” consultant, was engaged to assist with the firm’s strategic
former Senior Partner Peter Brock says. “The whole thrust planning. Dennis Laundy, who was Managing Partner at
for our firm back then was to do the right thing by clients. the time, said Dr Geering’s role was to facilitate changes
The client was king and we had to look after these clients.” and act as a catalyst for development. The input of both
Prior to 1980, Giles & Giles did not have a formal strategy. Peter Edwards and Dr Geering received a mixed response
As explained by Peter, the firm was in the business of from the firm’s Partners, although there was never any doubt
servicing its clients and did not afford itself the luxury of that Giles & Giles benefited from these external perspectives.
thinking too far ahead. The first indication of a more forward-
looking organisation was the “Giles & Giles Plan for the Despite Dr Geering’s input, it wasn’t all smooth sailing
Future” (1982), which stated “For some time now, there ahead for Giles & Giles. On the back of a disappointing
financial result in 1995, the firm’s Partners committed to
a new strategic plan. This identified that there had been
“cracks in the foundation as early as 1988 when the people
and the methods of the previous 30-40 years were struggling
to keep pace with new technology, new legislation and
an ever-increasing workload.” The strategic plan reported
that the firm’s financial performance had been steady, yet
unspectacular. Going forward, the firm was to embrace a
new vision: “To be a contemporary, medium-sized firm which
aims to excel in the provision of a range of accounting,
business and advisory services, as required by clients and
meets the financial and personal needs of stakeholders”.
The Partners set themselves a goal to raise the number of
large clients, provide more comprehensive services and
increase the number of staff to more than 40 in the next
few years. They were committed to seeing the firm survive
and thrive past 2000.

Giles & Giles Plan for the Future, 1982

27

In 1996, Giles & Giles as it was still known, engaged the
services of consultant Barry McGuinness, a former partner
of Arthur Andersen in Melbourne. As an aside, Barry was
Chairman of William Buck Melbourne at the time and
was responsible for introducing Giles & Giles to William
Buck. Barry didn’t hold back with his advice to the firm.
He said the Partners and staff had become a little comfortable
and needed to get off their backsides and become more
proactive. This fired things up. The firm embarked on a mission:
“To consciously change emphasis from an introspective,
safe, compliance-based firm with predominantly smaller
clients to a firm focused on the provision of advisory and
specialist services and higher level compliance work to the
corporate businesses of Adelaide.” It’s quite a mouthful, but
this bolder strategic approach more closely resembled the
firm’s strategic plan today.
From these early experiences when it relied on external
consultants, William Buck Adelaide has learned the value of
planning for the future. Today, the firm is a leader in strategy,
not just for its own business, but also assisting clients with
their own strategic planning, and through its significant
contribution to the direction of the William Buck Group.

Top Right: Dennis Laundy, Former Managing Director,
1987-2006 and Dr Adrian Geering, 1989
Right: Former Senior Partner Peter Brock, 1973-1995

28

Chapter 1 | Who is William Buck?

OUR
PROFESSIONAL
SERVICES

William Buck Adelaide now boasts more
specialist services than any other mid-
market accounting firm in Adelaide.

The days of being a firm which focused on doing tax returns in the last decade to support eight Directors, including Ben
for predominantly country clients, with a spattering of hotel Trengove who heads up the division. Ben joined William Buck
and audit clients, are long gone. Today, William Buck Adelaide as part of the MSI Tilley merger in 2011, bringing with him a
prides itself on a broad range of services. An increasingly strong understanding of rural industries and an affinity with
complex business environment has created the need for agricultural clients. Tom Laundy was appointed Director in
specialist advisory services and William Buck has grown 2008, having become one of the firm’s key influencers since
alongside its clients to provide a fully integrated, one-stop joining as a graduate. One of Tom’s stand-out qualities is his
shop solution. Branching out from the firm’s traditional people skills and his enviable ability to gain the confidence
compliance-based Business Advisory services, new divisions of his clients. Prior to these recent appointments, Matthew
have continued to emerge, including Wealth Advisory (and Illman and Babis Mavrakis were appointed Directors in 2015,
Family Office), Audit and Assurance, Superannuation, followed by Paula Liddle and Lee Fuller in 2018. Matthew
Specialist Tax, Corporate Advisory, and more recently Finance Illman is another great people person, with real presence
Advisory and Managed Funds Administration. A combination and excellent leadership qualities. He looks after many of
of strategic mergers, investment and recruitment have enabled William Buck’s longest standing clients. Babis is charismatic
William Buck to develop this extensive suite of services to and has built an impressive portfolio of property clients with
meet the needs of the mid-market. whom he has a fantastic relationship based on his ability to
really understand their business. Paula first experienced life
The firm’s era of specialisation started with the creation of at Giles & Giles during a work experience placement while
a Wealth Advisory division in 1989. The emerging Wealth she was still at school. She later joined the firm on a part-
Advisory services were separated from the firm’s traditional time basis while she was studying at university and quickly
tax and accounting services, which later became known as progressed due to her background and interest in agriculture.
the Business Advisory division. Today, Business Advisory is Paula is described as technically very smart and someone
William Buck’s largest division. It has grown considerably

29

who doesn’t like fuss but prefers to get on with the job at client base, he developed an interest in the horticultural
hand. Lee is another stand-out for service delivery and he is and viticultural industries. James lives with cystic fibrosis,
well regarded for his determination to always do the best for manages it admirably and is an inspiration to everyone he
his clients. This commitment to service was rewarded when works with. Shane joined William Buck as an undergraduate,
one of Lee’s farming clients from Kimba named a paddock, before leaving to pursue other opportunities. A few years later,
“Fullers”, after him! The Business Advisory division includes he called William Buck for a reference and they said, “why
two of the firm’s newest Directors, James Northcote and don’t you come back,” which he promptly did! Having settled
Shane Taylor who were appointed in 2021. James joined back in at William Buck and worked his way up to Director,
MSI Tilley as a graduate, prior to the firm merging with Shane excels in servicing some of the firm’s larger and more
William Buck. As a result of the MSI Tilley’s strong Riverland complex clients, particularly in agribusiness.

"An increasingly complex business environment has
created the need for specialist advisory services and
William Buck has grown alongside its clients to provide

a fully integrated, one-stop shop solution."

William Buck Adelaide Director Group, 2021

30

Chapter 1 | Who is William Buck?

In 1987, Giles & Giles aligned itself with licenced dealer Wendy Drake, a qualified chartered accountant who joined
Count Financial Group, to enable it to offer an investment the firm in 1988 and was appointed Director in 2001. From
service to clients. According to Peter Brock who managed the mid 1990s, with the guidance of Graham Perrin and
the division until the mid 1990’s, Giles & Giles learned a Dennis Laundy, Wendy drove the Wealth Advisory division,
lot from this association and for a period was the leading with strong support from Chris Kennedy, Janine Williamson
Count firm in Australia. However, in 1996 the firm switched and long-term team members Nicole Holton and Michelle
to Lonsdale Limited and renamed its fledgling investment Hurcombe. Wendy and the team put their heart and soul into
division Link Financial Services, which operated as a wholly building the Wealth Advisory division and serving clients well
owned subsidiary of Giles & Giles. The Giles & Giles newsletter beyond their expectations. Wendy said while William Buck’s
at the time, reported that this development was a result of client base provided a critical mass for the Wealth Advisory
the strong growth of the investment division over the last division to demonstrate its capability, but “it was all about
eight years, which it described as “an exhilarating stage in reputation,” Wendy says. “Rather than product, we delivered
our business development”. a really good strategy, and it was actually our competitive
advantage in Adelaide. The secret to the whole thing was
Indeed, the creation of the Wealth Advisory division proved to that as a team we could deliver some superb results on
be a pivotal moment in the history of William Buck Adelaide. behalf of a client that other financial planning firms in Adelaide
The firm obtained its own Australian Financial Service Licence couldn’t. They sold product and they invested money, but
in 2003. This was a distinction from competitors and a clear they didn’t bring the two together and we were integrated
benefit, with the division gaining significant traction. Its early and that was the critical difference.”
success was due largely to the dedication and expertise of
Today, the Weath Advisory division has grown to 35 staff.
Wendy has retired and Janine is a Director of the Wealth
Advisory division, along with Adrian Frinsdorf, who heads
up the division, Andrew Barlow and Aaron Trombetta.
Adrian was appointed as a Director of Wealth Advisory
in 2012 and brought a lot of sophistication to the firm’s
investment offerings, primarily as a result of his background

Left: Standing: Chris Kennedy, Wendy Drake, Graham Perrin. Seated: Lonsec employee, Janine Williamson
Right: Michael Miles and Michael McClaren – Link Financial Services

31

in stockbroking and investment banking and his unique skill Wealth Advisory Directors – Standing: Andrew
set. “Adrian’s investment knowledge is superior, and he has Barlow and Aaron Trombetta. Seated: Janine Williamson
brought a lot of ideas to the table which have broadened and Adrian Frinsdorf
investment opportunities for our clients,” Jamie McKeough Below: Wendy Drake, Former Wealth Advisory Director
says. Andrew was recruited to William Buck from another firm
and his passion and ambition contributed to him becoming "Wendy was fearless, tenacious, she
one of the firm’s youngest Directors in 2020. Andrew is was well ahead of her time. She was
well known for his deep connection with his clients and his
ability to get things done. Aaron was appointed Director in a lady dealing in what was pretty
2021 and along with Andrew, will drive the Wealth Advisory much still a man’s world and in
division forward into the future. Aaron’s clients have enormous terms of Wealth Advisory, she knew
confidence in him and his excellent knowledge of investments. more than most people in that space.
She gave her heart and soul to that
The Wealth Advisory division continues to be a significant
contributor to William Buck, with more than 750 clients. In division and the firm."
2021, funds under management (FUM) exceeded $1.6 billion.
In 2020, Wealth Advisory introduced a new Family Office – Mark Collins, Managing Director
service headed up by Principal Andrew Bradley. Advising
families across multiple generations is something the firm
has been doing successfully for a long time. With specialist
skills in this area, the recruitment of Andrew has taken this
offering to the next level. “Over the years, we’ve been very
good at educating the next generation to manage wealth,”
Andrew says. “We’re also very focused on defining the family’s
purpose and what that means beyond just their wealth. This
ensures ownership is structured appropriately so when the
older generation pass away the family doesn’t fall apart over
money or have to sell up all their assets because they have
to be split three or four ways when they should be kept
together.” Getting this right can be life changing.

32

Chapter 1 | Who is William Buck?

Matthew King and Grant Martinella, Audit and Andrew Nicola, Malcolm Wight and Ian Snook,
Assurance Directors 2021 Specialist Tax Directors 2021

Former Giles & Giles Partner Graham Byrne, whom Peter months later, even though there was only enough audit work
Brock described as energetic and entrepreneurial, died for one Director. “It was a perfect example of us investing in
prematurely aged 36 in 1975. Graham had focused on Audit the firm’s future and investing in our specialist services,” Jamie
services and his clients were dispersed to other Directors says. “Over the last nine years, Matthew and Grant have built
at the time. It was not until many years later, when Audit our Audit and Assurance division into a highly regarded division
Manager Priit Taylor was promoted to Director in 2003, that in the Adelaide market which is capable of handling any audit.”
the firm created a dedicated Audit division, however, this did
not reach a critical mass until the merger with MSI Tilley in In 2001, Tricia Kleinig transferred from William Buck’s Business
2011. Managing Director of MSI Tilley Grant Wilson, who Advisory division to start up a dedicated Superannuation
is a Director with William Buck Adelaide today, says that division. In 2021, Tricia chalked up 35 years with the firm,
William Buck’s Audit division more than doubled overnight, including 20 years managing Superannuation, now as a
thanks to MSI Tilley’s very strong audit list.“We knew with Principal. Her specialist knowledge of self-managed super
our client base and skill level that we had a lot to put on the funds (SMSFs) ranks among the best in Adelaide. Along with
table,” Grant says. Following the merger, fellow MSI Tilley Sarah Parson, Superannuation Manager, and the support
Partner Dean Spencer stayed on to hand over his audit clients. of a team of 16, including Sarah Withall and Sarah Gibson,
Dean was looking to retire, so when Priit had to retire due to ill Tricia oversees approximately 600 self-managed super funds.
health, Dean stayed on until the firm recruited Matthew King.
Matthew had Big 4 audit experience, having previously worked From the mid 1990s until 2011, William Buck Adelaide did
for Ernst & Young and MSI Tilley, as well as completing a stint not have a Tax Services division, but relied on the stand-out
in commerce with Elders. During the recruitment process, the tax knowledge of Ian Snook. Ian is widely recognised as
firm was introduced to Grant Martinella (also ex-Ernst & Young), an exceptional tax practitioner with an extraordinarily deep
who was working for an accounting firm in Mildura. The firm understanding of tax legislation. Jamie says Ian is peerless in
was so impressed with Grant that it recruited him a couple of his knowledge of tax legislation as it relates to SMEs and can
come up with solutions that others cannot.” Even the legal

33

fraternity come to Ian for tax advice,” Jamie says. “He delivers including a number of the firm’s largest and long standing
huge value to clients that is often understated. His ability clients,” Jamie says. He is a left-field thinker and he and
to structure and restructure complex situations legitimately Adrian have really worked well with each other. In 2021, the
saves clients hundreds of thousands of dollars.” The search Corporate Advisory division welcomed Samantha Nicholls
for someone to support Ian and build a Tax Services division as a new Director. According to Jamie, Samantha’s non-
ended when the firm successfully recruited Malcolm Wight traditional skill set complements what Adrian and Grant
back to the firm in 2011 after a 17-year hiatus working with offer clients. “Samantha is superbly organised and has great
Grant Thornton. Malcolm relished the role of creating an entire commercial acumen and a real presence,” Jamie says.
division, including the appointment of young gun Andrew “Clients love her!”
Nicola, from KPMG, to Director at the age of 31 and James
King who was recruited as Principal from Deloitte in 2021. Finance Advisory is a small division, formed in 2016 under
Andrew now heads up the Tax division which is an accurate the leadership of Manager Malcolm Anderson. William Buck
reflection of his intellect, ambition and ability to form strong Adelaide is looking to grow this service as an additional
relationships with clients. Andrew’s interest in corporate and offering to clients who are looking for support with their
international tax complements Ian’s focus on SMEs. While finance broking and business banking needs.
it took time to build this specialist team, William Buck now
lays claim to a highly functional, highly capable Tax Services The firm’s newest division is Managed Funds Administration,
division that can handle any tax situation, no matter how which was formed following a merger with MacKenzie
complex, including international tax, working with our Praxity Advisory in 2020. Director Scott MacKenzie’s substantial
colleagues when required. business consisted of equal parts Business Advisory and
Managed Funds Administration which had great appeal to
In 2014, William Buck Adelaide identified a gap in its service William Buck Adelaide as the firm was looking to bulk up
offering and established a new Corporate Advisory division that part of its business. Scott and his team had carved out
which has been very successful. This offers some similar a niche managing smaller funds, an area that was being
services to Business Advisory, but with a focus on supporting overlooked by the big players in the funds management
entrepreneurs, business owners, SMEs and ASX companies business. In 2021, William Buck had more than $1.5 billion
in the mid-market. The Corporate Advisory division thinks in funds under administration domestically and internationally,
outside the box to identify growth opportunities, raise capital, including property, shares and mortgage funds. Recently
facilitate mergers and acquisitions, trouble shoot, conduct appointed Director, Cain Meschiati is now working with Scott
valuations and develop succession plans. Directors Grant in Managed Funds Administration and taking on greater
Wilson and Adrian Chugg moved across from Business responsibility for the division.
Advisory to head up this new division. Adrian has attracted
some of the firm’s largest clients because of his unparalleled Grant Wilson and Adrian Chugg,
ability to build people’s confidence and support them in Corporate Advisory Division, established 2014
growing their business in terms of structure and strategy.
“Once Adrian gains a client’s confidence and becomes fully
engaged in their business, he becomes a critical part of
their business,” Jamie says. Like Adrian, Grant moved from
Business Advisory to support the new Corporate Advisory
division, demonstrating his preparedness to be a team player
and take on a role that has benefited the firm greatly. “Grant
really immerses himself with clients and gains their confidence

34

Chapter 1 | Who is William Buck? business advice to many of the State’s medical and health
professionals; Paula Liddle and Ben Trengove who head up the
"Over many years, William Buck firm’s agri service offering; and Grant Martinella in Aged Care.
has built up its specialist services These industry leaders, and many other talented professionals
and support staff at William Buck Adelaide are the backbone of
to not only support clients, but the firm’s specialist services, which according to retired Director
to also support the journey of Wendy Drake, has been a powerful driver for staff. “It has pushed
graduates all the way through to us all up to another level so that we can help bigger and better
clients,” she said. “As a practitioner it makes you so much
Director." more competent.”

William Buck Adelaide’s efforts to expand its range of Clients are the main beneficiaries of this increased pool of
specialist services began in earnest in 2000. Over the last knowledge, and for this reason, William Buck Adelaide will
decade, this specialisation has accelerated considerably to continue to develop specialist divisions and services within
the point where the firm now boasts more specialist services divisions, such as risk insurance and trustee services, where
than any other mid-market accounting firm in Adelaide. they align with clients’ needs. As clients’ businesses continue
Jamie says that back in the early 1990s, the firm’s clients to evolve and disruption becomes the norm, William Buck
were mainly farmers and investors, and one of his goals Adelaide is poised to further broaden its specialist services for
as Managing Director was to rebalance this by building up the mid-market.
a client base of substantial and decent business clients.
“What’s so good about businesses is they have much Chandlers Hill Surgery
broader and more complex financial needs and that has
helped spawn a lot of our specialist services,” he says. As One client who has benefited enormously from
well as a broader range of services, William Buck Adelaide William Buck’s specialist services is Chandlers
is now of a size that it can offer specialisation by industry. Hill Surgery. The surgery, as well as four of the
While not the primary focus for the firm, its reputation as a Partners, use William Buck and have done so for
leader in the provision of accounting and advisory services the last 15 years. One partner, Dr Danny Byrne,
to the agribusiness, Health and Property segments in the says William Buck’s excellent understanding of
Adelaide market is highly regarded. William Buck Adelaide general practice has revolutionised the practice
also has a concentration of clients in the Manufacturing, Aged and brought it into the 21st century. “You can’t
Care and Education space. Jamie cautions that the market in just go to any old accountant, it’s not enough even
Adelaide is not deep enough to specialise in one area and you to understand health, you have to understand
have to do a bit of everything. However, as the firm grows it general practice and these guys really do,” Danny
will naturally accumulate a concentration of clients in particular says.”William Buck talk at GP conferences, they
industries, creating opportunities for consolidation in these go through industry surveys and benchmarking.
market segments. They’re not just paying it lip service, they’re staying
at the top of their game. They keep us up to date
Over many years, William Buck has built up its specialist services and pass that knowledge on to us. They speak our
to not only support clients, but to also support the journey of language.”
graduates all the way through to Director. Today, the firm’s
specialist divisions are firmly entrenched in William Buck’s
professional offering. Many of the firm’s Directors are considered
to be leaders in their field. To name a few; Ian Snook, whose
tax expertise is highly valued by the South Australian business
community; Tom Laundy and Andrew Barlow who provide

35

SPECIALIST SERVICES

BUSINESS ADVISORY (1989) AUDIT AND ASSURANCE (2003) CORPORATE ADVISORY (2014)

Accounting and Tax Compliance External Audit Business Sales, Acquisitions
Strategic Business Internal Audit and Divestments
Advice and Planning Financial Reporting Advice Financial Modelling
Estate Planning Risk Management
Tax Planning Data Mining Business Valuations
Fraud Investigation and Prevention Debt and Equity Capital Raisings
Business and Forecasting IT Assurance
Restructure and Asset Protection Preparation of Financial Reports Due Diligence Assignments
for Disclosing Entities Forensic Accounting
Business Succession Planning
Outsourcing, Bookkeeping Investigating Accountant's Reports
and Payroll Services Independent Expert Reports
Purchase Price Allocations
TAX SERVICES (2011) and Impairment Testing
Pre-Lending Reviews
Tax Planning
Complex Tax Advice WEALTH ADVISORY (1989) MANAGED FUNDS ADMINISTRATION (2020)
Tax Audits, Disputes
and Private Rulings Financial and Strategic Services and Advice for Wholesale
Tax Risk Management Investment Advice and Retail Managed Funds
Structuring and Restructuring
Personal Wealth Creation Strategies Investment Portfolio
Indirect Tax Portfolio Management Administration and Reporting
International Tax and Transfer Pricing and Administration
Estate and Succession Unit Registry
Remuneration Planning
Tax Consolidation Planning and Administration Daily Management Accounts
Risk Management and
Executive Tax Services Life Insurance Advice Daily, Weekly, Monthly Unit Pricing
R&D, Grants and Incentives Private Manager and (Special Prices as Required)
FBT and Employment Taxes Trustee Services
Personal Structuring and Distributions Including
SUPERANNUATION (2001) Finance Application Tax Statements
Family Office
Superannuation Compliance GST and Income Tax Reporting
Specialist Self-Managed FINANCE ADVISORY (2016)
Superannuation Strategies Fund Accounting
and Advice Finance Broking
Residential and Commercial Lending Review of Constitutions
and Commercial Advice
Debt Structuring and
Financing Application on Fund Operations

Advice on Management and
Performance Fee Formulas
Including Use of Benchmarks

and High Water Marks

36

Chapter 1 | Who is William Buck?

From Small Things Big Things Grow

While many of Giles & Giles’ tax clients in the early days Tim says the fact that the firm has worked with the
were small, some of them have gone on to become very Rugless family for so long means it really understands
significant clients of William Buck today. In an interview the business and the supermarket industry and how this
in 1991, Mawson singled out Reg Rugless as an excellent is intricately connected to the family’s personal wealth.
example of a client for whom he began doing a personal “William Buck were instrumental in our Brighton project
tax return, which led onto much bigger things. Reg was a where we doubled the size of our supermarket, added a
friend of Mawson’s. His father was a butcher who opened wine store and got involved in the property syndicate,”
Rugless Butcher Shop on Brighton Road, Brighton more Tim says. “They were amazing with the advice they
than 100 years ago. This butcher’s shop grew into more offered, we couldn’t have done it without them!”
than 20 shops, owned and operated by Reg and his
brother Claude, and three of Claude’s four sons – Brian, Another of Claude’s grandsons Graham, owns and
Peter and Colin. Today Claude’s grandson, Tim, is the operates Happy Valley, Mt Barker, Yorketown and Penola
Managing Director of Rugless Family Foodland, a valued Foodlands. Graham has the next generation of Rugless’
client of William Buck, whose business benefits from coming through with his children Michael and Georgina
the firm’s full range of professional services. Claude’s working within the business.
granddaughter, Belinda, is also working within the
business.

The Rugless family has now been associated with Giles
& Giles and William Buck for more than 60 years and
Tim says he’s certain the relationship will continue
for another 60. “It’s been a fantastic relationship built
on loyalty and respect,” Tim says. “Nothing’s ever too
much trouble for William Buck. They really have been
a steadying influence with us when times are tough as
well as in good times. I always feel a great sense of relief
after catching up with our advisors at William Buck.”

Above: Original Rugless butcher shop, 1922
Right: Former Senior Partner, Graham
Perrin and Colin Rugless

37

Kelly and Tim Rugless

38

Chapter 1 | Who is William Buck? asked to be the secretary of the Vine Inn Hotel in Nuriootpa,
which he described as a highlight of his career. For the next 23
STEP BACK IN TIME: years, Bruce travelled to the Vine Inn every three months to do
EARLY SERVICES the stocktake. “I saw that hotel grow from just being a tin pot
country pub with a bit of residential with debts, into a multi-
In 1946, Giles & Giles was heavily focused on providing tax and million dollar business and property,” he said. Greg Broadbent
accounting services to its clients. The following year, however, who became a Director of Giles & Giles in 1984 took over the
the firm acquired a small hotel accounting practice from the firm’s hotel clients following Bruce’s retirement in 1988. As the
estate of Victor Trenerry, and along with it, the services of firm’s Hotel Services Director, Greg was an expert in financial
bookkeeper Doris Brokensha. After Bruce Giles joined the firm and taxation issues facing hoteliers, including in investments,
in 1950, he worked with his father, Ken, and Doris to build up capital gains tax and general accounting and audit.
the hotel side of the business. Ken was an executor for a client
called Alfred Francis who owned several city and country hotels While the hotel sideline was a significant part of Giles & Giles’
and when Alfred died, Ken and the other executors decided that business for many years, the firm was first and foremost a tax
instead of leasing the hotels, they would manage them. This practice. In 1951, it acquired a small accounting practice in
led to the formation of a sub-branch of Giles & Giles known as Kadina from FG Malpas, which quickly expanded its client list
G&G Hotel Supervision. The Partners were Ken and Mawson, in the Mid North. In 1958, Jack Davis joined the firm, with an
Bruce and Doris. According to Bruce, Ken was considered to already impressive track record in tax which he gained at Elders
be “the hotel expert” and Giles & Giles gained a great deal of Trustee. Dean Trowse, also from Elders Trustee, joined Giles
work through hotel brokers. The firm also bought a liquor trade & Giles in 1965 and according to Bruce, he and Jack were
price list and Bruce spent many hours updating the prices “a terrific combination” and had a great deal of tax expertise
and sending them to hotels, which attracted new business. In between them. Dean also had a background in trustee work
addition, Bruce did the stocktake for a dozen or so hotels, which and the firm started to act as trustee for many of its farming
became quite a business in itself. This work led to Bruce being clients. Bruce said these clients had so much trust in Giles &

Former employees, Doris Brokensha and Bruce Giles, 1985

39

Giles, much more so than Elders Trustee where “they didn’t Above: Greg Broadbent, Former Partner 1984-2001
know who Johnny Bloggs was”. “The clients knew us, could Below: Giles & Giles Kadina Office, 1989
trust us, could talk to us and we could sympathise with them,”
Bruce said. “That built up a terrific relationship with some of
our clients.”

As well as tax and estate administration, Giles & Giles had
several audit clients in its formative years, including automotive
companies City Motors Pty Ltd, State Motors Ltd and City
Supplies and H Graves & Co which was one of the big carrying
firms of the day. When Graham Byrne joined Giles & Giles in
1967, he looked after firm’s audit work until his premature
departure from the firm in 1973 due to ill-health. Ralph Pomeroy
was then recruited to head up the audit area, however, he left
the firm in 1976, at which time Giles & Giles sold most of its
audit clients.

Despite its interest in hotels, audit and estate administration,
by the time Ken retired and the firm moved to new offices on
Greenhill Road, Giles & Giles was still very much considered
to be a tax firm. True specialisation of the firm’s services did
not begin until the beginning of the 21st century.

40

Chapter 1 | Who is William Buck?

CHAPTER 1
SUMMARY

Reflecting on the early years at Giles & Giles, Mawson firm. Over this journey, the firm’s vision materialised
said from time to time they talked about growing the and several successive strategic plans helped the
business and possible amalgamations. However, he Partners define and execute this vision. “Making the
said the type of people who were Partners at the time firm contemporary is not the sort of thing you can
were content to grow slowly. “I don’t think there was change overnight,” Dennis says. “But I think if you
any urgency amongst any of the Partners to suddenly walked in as a graduate today it would feel a lot different
grow bigger or to amalgamate and become a huge than it did in my day. If I came in as a graduate now,
organisation,” he said. But Mawson acknowledged that I would think ‘this firm is going somewhere. This firm
by the time he retired there was an appetite for change. is going to provide me with opportunities that I may
Perhaps borne out of necessity. Or perhaps driven not necessarily get elsewhere, and this firm genuinely
by the likes of Dennis Laundy, who had ambitions to cares.” This statement sums up William Buck today;
modernise the firm. So, in the early 1980s, Giles & Giles a firm that is going somewhere; and a firm that cares
began the gradual transformation from a conservative, about its clients and staff.
compliance-based firm to a more confident, progressive

Giles & Giles picnic, Port Elliot, 1950s

41

"Despite its growth, one thing that has
remained steadfast over the last 125 years,
is the firm’s genuine interest in and care
for clients and staff."

42

2

Growth and Resilience

Chapter 2 | Growth and Resilience

BECOMING
WILLIAM BUCK

Joining the William Buck Group
was the most significant event in the
firm’s history.

The transformation from Giles & Giles to where William Buck & Giles to become its Adelaide-based firm instead. Former
sits today as the leader of the mid-market in Adelaide is Chairman of the William Buck Group and Managing Director
remarkable. The firm’s long-time marketing consultant Marc of William Buck Sydney, Nick Hatzistergos, says the intent
Makrid describes it as a 12-year overnight success story! This was to recruit firms to the national network who had a view
period encapsulates 10 mergers, the addition of well over 100 of themselves. In addition, the Group was looking for firms
staff and the development of several specialist divisions. Not that wanted to build a brand that would lend itself to getting
to mention its long and enviable list of loyal, multi-generational bigger and more complex clients in the small to medium
clients, along with several high-profile clients who have found enterprise (SME) space. “Giles & Giles was a very successful
a new home at William Buck. Amongst all these milestones, firm,” Nick says. “They had a lot of history in Adelaide. They
Deputy Managing Director Martin Hill singles out joining the were well managed and they were seen as a really good firm.”
William Buck Group as the most significant event in the
firm’s history. “It opened up our thinking and gave us more "The greatest benefit of joining
confidence,” Martin says. This key event took place in 1996, William Buck Group is being part
by which time Giles & Giles was fully committed to its growth of something bigger than ourselves.
strategy. This is why it aligned so well with the direction of If we can help you and you can help
the William Buck Group which had offices in Melbourne and us and we're all individually better,
Sydney and had recently recruited Bradshaw, Judd and Collins
in Perth, Hogg Lawson in Brisbane and RJC Evans in Adelaide. then we're collectively better."
A small firm called O’Hallorans in Auckland, New Zealand
later joined as an associate. The Perth and Brisbane offices
changed their names to William Buck, but RJC Evans chose
not to, which led to the William Buck Group approaching Giles

45

Mark Collins, Managing Director of William Buck Perth, was
involved in recruiting Giles & Giles to the William Buck network
and says the firm shared many similarities with the Perth
office. He says one of the challenges they faced was that
the Melbourne office thought Victoria was the centre of the
universe and wanted to control the Group. “It was very Vic-
centric,” Mark says. “They were good people but they didn’t
know any better. Dennis Laundy and I often used the analogy
of the VFL and gradually they started to understand that for the
national approach to work there had to be equal participation.”

Within two years, the Adelaide Directors made the difficult
decision to change the firm’s name from Giles & Giles to
William Buck. “I wanted to get away from being known as a
firm that only did tax returns for country clients,” Dennis says.
“I thought unless we shake off that reputation, we’re never
going to do that.” Nick says the willingness of Giles & Giles to
change its name demonstrated its commitment to wanting to
be more than just an Adelaide firm. “They had a bigger view
of themselves and wanted to provide more opportunities for
the younger people coming through,” he says.

Above: Name change from Giles & Giles to William Buck
Below: Receptionist Nicole Grima, 1998

46

Chapter 2 | Growth and Resilience
47

Like William Buck Adelaide, the William Buck Group’s skill Jamie says the greatest benefit of joining the William Buck
set is in the SME market, and proudly so, according to Nick. Group is “being part of something bigger than ourselves”.
“We don’t want to pretend to be something we’re not,” he “You have to be part of something bigger to continue to
says. “We’re never going to chase a style of business that grow and develop and that’s what the William Buck Group
doesn’t suit our skill set.” Another point of difference is that (and Praxity) are for us,” he says. “We respect the other
the William Buck Group is locally owned and operated. “It’s firms in the Group for the openness that’s always been there
not owned by a European or North American conglomerate and their willingness to share. If we can help you and you
that dictates terms,” Nick says. “It is Australian and New can help us and we’re all individually better, then we’ll be
Zealand owned. It is uniquely ours. Each office is locally collectively better.”
owned and operated.” The Board of the William Buck Group
is made up of the six Managing Directors of the Australian In 2007, the William Buck Group “got the wobbles”, which
and New Zealand offices. Jamie McKeough, who took over although not intended, shaped the future of the Group for
as Chairman of the William Buck Group from Nick in 2021, the better, according to Jamie. The fallout for the William
describes the William Buck Group as a federation which Buck Adelaide office was that the firm’s Directors were forced
offers each individual office the best of both worlds. “We to do some serious soul-searching. There was the option
can work together with our colleagues in Australia and New of selling, but instead of being taken over by some other
Zealand where it makes sense to do so, but we can run our organisation they decided to create their own story. "We
own shows,” Jamie says. “There are many people in the had good fundamentals, we had a good client base, we had
individual firms who contribute their time to the Group, but good staff, and we had this desire to build so that’s what
we operate independently.” At a Group level, William Buck we decided to do,” Jamie says.”And we learned out of that
shares resources in marketing, learning and development, moment of adversity for the Group about how to grow.”
people and culture, and audit and risk. This small, but growing Ultimately, the decision not to sell the firm was motivated
team focuses on supporting Group-wide activities, including by what was in the best interests of clients and staff. The
branding, website, professional development, compliance Directors felt their clients would get a better service if the
and the sharing of Intellectual Property. firm stayed on its own and grew. They also realised that a
lot of young staff coming through would most likely leave
the firm if it was sold.

"The transformation from Giles & Giles to where
William Buck sits today as the leader of the mid-market

in Adelaide is remarkable."

Top Left: William Buck Group Board, Jamie McKeough (SA), Clyde Young (NZ), Nick Hatzistergros (NSW), Junaide Latif (QLD),
Lindsay Holloway (VIC), and Mark Collins (WA), 2021
Left: William Buck Sydney is established marking the beginning of the William Buck network, 1989

48

Chapter 2 | Growth and Resilience

A WEALTH OF
KNOWLEDGE

Meeting your needs on both sides of
the Tasman.

ONE OF THE MOST PROGRESSIVE FIRMS IN
AUSTRALIA AND NEW ZEALAND, WE OFFER A
FULL RANGE OF INTEGRATED BUSINESS AND
FINANCIAL SOLUTIONS.

WA

1 OFFICE
9 DIRECTORS
50+ PROFESSIONALS

9

OFFICES

950

PROFESSIONAL STAFF

LEADING MID-TIER FIRM

IN AUSTRALIA AND NEW ZEALAND

125

YEARS OF CREATING POSITIVE CHANGE IN THE LIVES
OF OUR CLIENTS AND PEOPLE
49