May 14, 2019
Multi-service dealer group, CountPlus, is predicting Australia’s professional accounting and advice sectors will rapidly converge, as consumers seek best interest, non-conflicted advice and services.
This is a key finding that has emerged from research conducted for the advice firm by CoreData, and released this week.
Entitled “Converging Lines”, the research whitepaper says a core predictor of future success in the financial advice arena “…is the rate by which professional practitioners – accountants and financial advisers – can merge within a rapidly forming, entirely new space that is defined by alignment with true professionalism and quality advice outcomes.”
The paper contends that accounting firms understand – and are well-placed to deliver – a valuable financial advice offering to clients and that financial advisers are set to adopt stricter codes of conduct more in-line with established norms in the accounting profession.
CountPlus CEO and former FPA Chair, Matthew Rowe, notes businesses that emerge from the currently changing landscape of community, economic and regulatory pressures “…will be better-placed than ever before to thrive in a new world of professionalism underpinned by higher educational, professional and ethical standards and stricter regulation.”
He added that the natural home for this new advice paradigm to flourish is within the licensee business that is purpose-designed to prioritise and sustain quality advice.
In other findings included in the whitepaper, CountPlus reinforces previous research that those Australians who currently receive personal financial advice find value in the services provided to them. The whitepaper reports that more than two-thirds of people “strongly agree” or “agree” that they receive good value from their financial adviser, while only 8.2 percent of people “strongly disagree” or “disagree” that they receive good value.
CountPlus says this strong vote for the value of financial advice points to high future demand from consumers for quality advice services:
Click here to access the CountPlus Converging Lines whitepaper.