Why more Financial Planning firms are also becoming Accountants

Business Brokering Monday 14th of January 2019

In response to an increasingly competitive marketplace many Financial Planning firms are bundling an accounting service to make it easier to attract and retain clients.

It certainly makes sense from the point of view of a client, especially given that the discussion of their financial future inevitably asks questions about their current financial status and structure, and that their accountant is likely to be in an excellent position to provide answers to those questions.

When your clients are reliant on you to satisfy both their Accounting and their Financial Planning needs they are much more likely to stick with you for the long term.

The industry is undergoing a fundamental shift in the nature of client communication and service expectations, with pressure from above (by way of the fallout from the Financial Services Royal Commission) and below (with a realignment of customer expectations for service provision.)

This is leading many clients to question the value of financial planning services and is leading the more proactive providers to demonstrate that value in tangible ways – hence the interest in adding accounting and tax services.

By adding the tax advice offering you get additional valuable face-time with clients on a regular basis – and this gives you more opportunities for cross-promotion.

Accounting services also add reliable and profitable income that boosts capital value, which is critical for any practice owner keen to increase the value of their business.

Getting Started: Practice Exchange offers a service where we help get you started on building your accounting practice – one important way we assist is by finding an accountant for you to partner up with.

For further details concerning this service please contact Mark Witt CA at 1300 722 452, or email mark@practiceexchange.com.au or click here to book a call

Mark Witt CA

Mark is the Head of Brokering at Business Exchange with over 20 years experience and 400+ completed transactions


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