Accounting firms wishing to provide financial advice may start the process faster by partnering with a "well-resourced and experienced licensee", according to GPS Wealth.
GPS Wealth co-founder Greg Holman said it is often simpler for accountants to initially introduce financial services by entering a joint referral relationship with an established advice business and refer existing clients to the new entity.
That strategy can speed up the process for the accountant and minimise expenses, he said.
"There's a misconception that accountants have to offer comprehensive investment advice from the outset but many start small with life insurance and lending before gradually expanding into other areas of wealth management, such as holistic strategic advice and estate planning," he said.
"It all depends on the individual practice and their clients' needs."
Mr Holman said there were other ways for accountants to introduce financial services to clients, including hiring a qualified professional adviser in-house.
The benefits of combining traditional accounting services with financial advice include a heightened awareness for clients about their potential need for life insurance, income protection and TPD cover.
It will also enable accountants to "put a fence around their clients" and remove or reduce the need for them to go elsewhere for advice, GPS Wealth said.
"In an increasingly competitive environment, accountants who can provide more than tax advice and accounting services but a complete, integrated wealth management solution under one roof will become indispensable," he said.
"Accountants have nothing to lose and a lot to gain by expanding into financial services – provided they do it right."
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