Accountants ‘still most trusted adviser’, says GPS Wealth

In releasing their white paper, titled Melding accounting and advice: How to get future ready in a digital world, GPS Wealth founder and director Greg Holman said accountants can become an integral part of their clients’ lives beyond just tax time.

“Accountants still hold the coveted position of most trusted adviser,” Mr Holman said.

“They can play a more significant role in their clients’ lives and continue to be their primary trusted adviser, potentially in conjunction with a financial planner, by helping them secure a comfortable retirement and financial independence."

Mr Holman said that, as a result of digital disruption and changing consumer demands, the opportunity for accountants and financial advisers to work together has never been bigger.

"Digital disruption will destroy accounting practices that are inefficient, inflexible and provide a low level of service," he said.

“A look at what’s happened in other industries demonstrates that no one can afford to stand still. The only way to combat it is to continuously add value, and grow organically by steadily increasing fees in line with increasing value.”

The paper examines the enormous opportunity for accountants to expand the client relationship and add greater value by offering financial services like insurance, lending, budgeting and cashflow management, strategic advice, retirement planning and estate planning.

This can be done by gaining a limited or full licence, gaining a limited or full authority, forming a joint-referral relationship with a licensed adviser and refer existing clients to the new entity, or employ a qualified professional adviser in-house, the paper said.