Accounting firms neglecting client advice needs
While the vast majority of accounting firms have adopted solutions for dealing with the removal of the accountants’ exemption, there is still a portion of firms with no solution, according to the chief executive of Class.
Speaking at the Class Connect Conference, Class chief executive Kevin Bungard said research from Investment Trends indicates while the vast majority of accounting firms either have someone in the firm that is able to provide advice or have a referral relationship in place, there is still a small proportion that haven’t addressed this.
“[The research shows] there is still 12 per cent that haven’t worked out what to do when their client asks for advice,” said Mr Bungard.
“When you think about the fact that customers nowadays want their trusted adviser to provide a complete service, it’s important that you have that addressed. Hopefully they’re working out what to do over time.”
One of the other things that the research looked at is the number of people within a practice that were providing advice, he said.
“In three years most accountants are expecting that to be at 70 per cent.”
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.