Accountant tie-ups ‘open new markets to advisers’

19 October 2015

  • Expansion into advising major firms and company directors would be boosted by accountant links
  • Up to 45 per cent of advisers would value training on technical taxation issues

Financial adviser firms believe that working more closely with accountants will help open new markets including targeting major companies and individual directors, according to new research by Prudential1.

More than two-thirds (67 per cent) of advisers say that establishing a formal working relationship with an accountant will enable them to expand their existing business into providing services to large corporates and company directors while 48 per cent believe they can target SMEs.

The research highlights the growing importance of tax expertise following the launch of pension freedom – the study found 45 per cent of advisers would welcome further training on technical taxation issues and 46 per cent want to know more about regulation of accountancy.

Prudential’s study also identified demand from advisers for more support from product providers on strengthening connections with other professions – 30 per cent of advisers say they’d welcome provider help in expanding their business connections.

Prudential is hosting a series of 17 nationwide seminars for advisers and accountants, supported by the Institute of Chartered Accountants of England and Wales (ICAEW) Financial Services Faculty, aimed at helping firms to identify opportunities.

Vince Smith-Hughes, director of business development at Prudential, said: "Pension freedom has underlined the importance of independent financial advice and massively raised its profile among major firms, directors and SMEs.

“Markets which might have been closed before are potentially opening up but there is realisation that advisers may need additional expertise. Working with the ICAEW Financial Services Faculty, we hope to explore the opportunities presented by pension freedom legislation for advisers and accountants."

Nearly half of advisers (46 per cent) say they would welcome more online tools and calculators from providers to help them boost professional connections and 45 per cent want more technical support, the research found.

Around two out of five (40 per cent) of advisers would like more CPD training from providers and access to webexes to help expand professional connections.

Prudential’s seminars with ICAEW Financial Services Faculty are free to attend and are accredited by the Chartered Institute of Insurers (CII) and the Institute of Financial Planning (IFP). 

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Louise Bryans

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