Accountancy tie-ups add up for advisers
14 September 2015
- Over a quarter of advisers (29 per cent) believe their work with accountants will increase significantly over the next two years
- Two-thirds believe specialist tax advice services are biggest potential growth area
Pension freedom is creating new opportunities for financial advisers to collaborate with accountants with demand for more specialised advice services set to rocket over the next two years.
Nearly nine out of 10 of advisers (89 per cent) are expecting to work more closely with accountants with just under a third (29 per cent) forecasting the increase to become significant for their businesses.
The new professional relationship research from Prudential1 comes as the insurance giant prepares to host a series of nationwide seminars for financial advisers and accountants, supported by the Institute of Chartered Accountants of England and Wales (ICAEW) Financial Services Faculty.
The biggest growth area will be specialist tax advice – 67 per cent of advisers expect they will need additional specialist tax expertise to help clients as pension freedom beds in and retirement planning becomes more complex.
Advisers also identified other areas for potential expansion of specialist services when working in tandem with accountants; 33 per cent cited personal IHT planning as a growth area and 32 per cent of advisers believed that business IHT and legacy planning is a likely growth area for advisers collaborating with accountants.
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