Accountants told to dive into advice pool

4 November 2015

Count Financial has issued a new promotional pack telling accountants about the benefits of moving further into the financial advice space.

The Count material, being shared on social media such as Linkedin, draws on Investment Trends data to argue that in the minds of clients, accountants are best placed to provide financial advice.

It then points to the size of the so-called "advice pool" and points out that 20 per cent of clients need retirement advice, 28 per cent need advice on pension and estate planning, and that 57 per cent of self managed superannuation funds (SMSF) have advice gaps.

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It noted Investment Trends data suggesting that 48 per cent of SMSF clients would consider using their accountant for investment advice, and that 54 per cent of clients would pay for advice.

The Count Financial material comes at the same time as recent Australian Securities and Investments Commission (ASIC) data points to slower than expected take-up of the new accountants limited licensing regime.




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Amazing really... Would result in some of the worst cookie cutter advice available. I don't try to sell myself as an Accountant (although I have qualifications in accounting) because I am a financial planner and it is completely different.... Same industry, different specialisations... Keep it separate.

Reality all this advice will come out in the wash when they start getting audited, then we will see what type of advice is being provided and if it is appropriate. Clients benefit more from two specialists in thier fields than one trying to cover everything, agree 100%. Anyone thats done a business degree would have covered off accounting in some shape or form, so we understand about each others businesses, however the pursuit of profit unfortunantly puts a lot of these beneficial relationships out of the window.

aahhh.. Count doing the rounds again.... I love them. I remember a proctologist being sold a similar story to offer total health and well being so he decided to work as a psychiatrist as well. His business was called "minds and behinds". It didn't end well. Accountants charging in five minute increments, a 65 five year old watching market updates on the ABC and a busy tax season don't end well. Why I love it ? well...Advisers get your cheque books out (again) in 2019 to pick up the pieces after their first FOS case at one times revenue.

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