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The number of accounting firms integrating a holistic range of services into their firm is on the rise as firms look to capitalise on unmet advice needs among clients, according to Investment Trends.
Investment Trends research director Recep III Peker said Investment Trends has seen a noticeable trend in the number of accountants moving towards multi-disciplinary practices providing both accounting and financial services.
“We certainly do see more accountants moving towards multi-disciplinary practices, where there’s someone in their practice who can provide financial advice,” said Mr Peker.
The new licensing regime as well as opportunities to provide a wider range of services to SMEs, Mr Peker said is diving this change.
“One of the interesting things in the next few years will be seeing if more accountants who’ve become licensed as a result of the licensing regime, start providing more holistic services to SME clients,” he said.
SMEs are one of the most satisfied groups of accounting clients, with 93 per cent rating their accountant as good or very good.
Despite this, Mr Peker said SMEs still have a lot of unmet advice needs so accounting firms will need to consider broadening into financial advice in order to meet those needs.
“There is actually a big opportunity for accountants to consider broadening their services to their SME customers or at least having stronger referral relationships with financial advisers so that they can better meet their advice needs,” he said.
“If you look at the unmet advice needs the ones that really standout are around buying or identifying undervalued assets, investing for regular income, investment strategies, so it’s quite investment related.”