Implementing and resourcing financial advice offers will help accounting firms overcome their growth and profit concerns, says Perpetual Private.
In a statement issued today, the fund manager and trust company reflected on the findings of the Bstar 2015 Accountants Research Report, which found practice valuations for accounting firms declined by 14.6 per cent in addition to widespread concern about future profit margins.
In order to future-proof their businesses, Perpetual Private group executive Mark Smith said accountants should seriously consider bringing in comprehensive advice services following the end to the accountants’ exemption.
“In the same way that declining fee growth rate and profit margins are big concerns for accountants, so is the decision they need to make about their futures,” Mr Smith said.
“Planning and resourcing the implementation of advice services is a key way to help accountants grow and improve the value of their practice," a joint statement from Bstar and Perpetual continued.
However, Bstar CEO Grant Bloxham said accountants that are offering “leveraged” advice services – ie. separating strategic and operational advice – are in the most advantageous position, and that this type of advice provision may come to replace “disappearing compliance work”.
Perpetual offers "licensing support" to accountants looking to offer both compliance and advice services.
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