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.
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