More accountants need to adapt to stay relevant

accountant/Sam-Zervides/Royal-Commission/financial-planning/

26 July 2018
| By Hannah Wootton |
image
image
expand image

While many accountants have been proactive in restructuring their businesses to ensure they are “relevant and successful” in the future, Institute of Public Accountants Victorian Vice President, Sam Zervides, warned that “a significantly greater number” are failing to act.

The Australian Wealth Solutions principal said that, faced with industry disruption exasperated by technology, expiration of the self-managed superannuation fund (SMSF) exemption, Future of Financial Advice and the Royal Commission, the public accountant sector “has no option but to respond and adapt”.

“My greatest concern is that very good accountants with mature businesses are simply going to ‘miss the boat’. Instead of a successful exit into retirement funded from the sale of their businesses, [they] will have no option but to switch off the lights and close their doors,” Zervides said.

“However, it’s not all doom and gloom and I’m pleased to see accountants in increasing numbers are acting by restructuring, adopting new technology and processes.”

Mentor Education Group founder and principal, Mark Sinclair, said that he had seen a trend in accountants enrolling in programs with an emphasis on building productivity and operational efficiency.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 3 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 3 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 1 day ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

2 weeks 6 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND