Partnering with Financial Planners. A guide to growth for accounting firms

Partnering with Financial Planners. A guide to growth for accounting firms from Scott Charlton

By: Scott Charlton   05-Sep-2012
Keywords: Accountant, Coach, Financial Planner

  Whilst acknowledging the needs of clients for personal insurance, sound investment of superannuation and a comprehensive estate plan, many accountants have traditionally held back from taking a leading role. Yet clients would gladly welcome advice from their accountant in these areas. As a former accountant in practice and now coach to both accounting and financial planning firms, Scott is Australia’s foremost authority on what it takes to create a working relationship whereby accountant, financial planner and the client all benefit. Filled with illuminating case studies as well as insights from the successful joint venture Scott established for his own practice, Partnering with Financial Planners will be essential reading for accountants wishing to provide clients with a broader range of services. Refreshingly, Scott’s rationale for accountants to engage in financial services is not that “The sky is falling in”. Instead Scott outlines the compelling opportunities for creating value adding accounting assignments which flow naturally from being involved in financial services. Throughout the book are sensible strategies as to how to realise these opportunities yet still meet existing client commitments. Scott provides helpful suggestions with respect to issues that accountants must address when engaging with financial services. From simple referral agreement through to establishing one’s own licenced entity, all structures are explained and their merits discussed. This exploration includes why employing a financial planner is not necessarily the optimal solution, how a traditional partnership structure can stifle the development of a financial services division and who best to lead a multi-disciplinary practice. Guidance is also provided regarding personal licensing, an issue which is now particularly relevant in Australia with the phasing out of the Accountants Exemption in the Future of Financial Advice (FoFA) reforms. Scott explains why in his view many practicing accountants will now choose to become licensed to provide financial services advice as a result of FoFA. Alongside these important regulatory changes, Scott has addressed the implications of the draft standard for the accounting profession APES 230 Financial Planning Services which proposes mandatory requirements on how such services are remunerated. Partnering with Financial Planners is a landmark work which is sure to be of enormous assistance to accounting firms seeking to add further value to their clients.

Keywords: Accountant, Business Coach, Coach, Financial Adviser, Financial Planner, Partnering With Accountants, Partnering With Financial Planners, Professional, Professional in Practice, Your Professional Headspace,

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Your Professional Headspace

A great book that provides commonsense guidance to professionals in practice.