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.”

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