While the focus for a large number of accountants at the moment is ensuring they have a solution for the removal of the accountants’ exemption, it is also important that they think about how they will meet their professional obligations when providing financial advice.
While accountants are weighing up their licensing options, their clients may already be on the move, unwilling to wait for their accountant to provide them with a wider range of financial advice services.
In speaking to a group of our accounting based financial advisers recently, it became abundantly clear that there are really only a few months each year where accounting firms have the capacity to focus on strategic planning.
With just over two years until the accountants’ exemption is officially removed, accountants could be forgiven for thinking they have plenty of time to respond.
Traditionally, accounting firms have benefited from a longstanding and loyal client base that has provided a strong pipeline of regular tax and compliance work, together with a steady stream of new clients through ‘word of mouth’ referrals from existing clients. While this trend is likely to continue in the short term, the advent of new technology and advanced data analytics result in a growing risk of these clients being targeted to have their financial needs serviced outside the accounting firm.
Many accountants are now looking closely at their options for providing SMSF advice once the accountants’ exemption is removed. A key consideration is cost, with each option producing a very different result and licensing always being more expensive than obtaining an authorisation.
Having the right accounting business model not only means having the right structure but also the right business partners, writes Count Financial CEO David Lane.
Expanding an accounting firm’s services to include financial advice has the dual benefit of deepening client relationships and adding value to the business, writes Count Financial, chief executive, David Lane.
Recent licensing reforms provide all accountants the opportunity to assess their business model to discover new revenue streams and enhance client service propositions, says Count Financial CEO, David Lane
Countplus chairman Barry Lambert reveals how practice owners can prepare their business for a post-TASA environment
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