Accountants to migrate to financial planning
Proactive accountants will shift to multi-advice models that include the delivery of financial planning services and self-managed superannuation fund (SMSF) advice as they face growing cost pressures and the impact of technological changes, according to a financial planning firm executive.
InterPrac Financial Planning managing director, Garry Crole, said accountants had seen a change in traditional revenue streams, as well as changing client expectations, which require them to re-focus their business in the new era.
"Together with the removal of the accountant exemption on July 1, this has been the catalyst for accountants seeking a more comprehensive client service model and we (InterPrac) have been the beneficiaries as they seek to implement multi-disciplined accounting, business services, financial planning and SMSF advice," Crole said.
InterPrac would have over 200 accountant trained advisers across the national licensee's Australia-wide network, up from the current number of 180 accountant advisers. Six more were undergoing induction or in the final stages of finishing administrative formalities.
"Looking to the future, the next few years will be really interesting for the sector in terms of the role of the accountant as they reinvent themselves and the value and services they provide to clients," Crole said.
AUTHOR
Malavika Santhebennur
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
