Merged planning/accounting firms offer better value
Heightened consumer expectations and demands together with changes to licensing and legislative requirements will bring accountants and planners together, according to the chief executive of specialist business brokerage, Connect Financial Service Brokers, Paul Tynan.
Tynan said financial planners were recognising the benefits and enhanced professional standing to be gained through fee-for-service remuneration structures and were moving away from the out-dated trail commission and volume bonuses arrangements.
"Accountants are also responding to consumer expectations and demands by discarding their traditional hourly fee-for-service models as the two professions move together into joint servicing platforms and clients are charged a single advice fee that reflects the collaborative more comprehensive nature of the service offering," he said.
Tynan said his company saw the merging of accounting and financial planning practices as an evolutionary process with benefits far outweighing the negatives.
However, he said one of the most important factors was the improved valuations of businesses from a greater focus on profit.
AUTHOR
Mike Taylor
Recommended for you
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
