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Despite the high satisfaction levels SME clients have with their accountant, these clients still have unmet advice needs they are looking for an accountant to provide, according to a survey.
The survey conducted by Investment Trends of nearly 1,500 small and medium sized enterprises found that SMEs are much more likely than non-SME to have relationships with accountants for tax advice and investment advice.
Investment Trends research director Recep III Peker said SMEs also tend to be more satisfied with the relationship they have with their accountant, compared with the average person using an accountant.
“The areas where they’re significantly happier is being able to access their accountant when they need them and tax planning,” Mr Peker said.
“What might be happening is that when accountants provide their services, they make themselves more available to SME clients and that comes through in the satisfaction scores.”
However, Mr Peker said there are still a number of areas where SMEs have unmet advice needs.
He urged accountants to capitalise on this demand by broadening their services to SME clients or having strong referral relationships with financial advisers.
“If you look at the unmet advice needs, the ones that really stand out are around buying or identifying undervalued assets, investing for regular income and investment strategies, so it’s quite investment related,” Mr Peker said.
“We also find that inheritance planning and retirement planning features quite high among their unmet advice needs.”