How can accountants benefit from partnering with independent financial advisers?

kristan-oakley-web.jpg

Common Ground

There has always been common ground between accountants and financial advisers, both in terms of shared knowledge and a desire to deliver excellent service and advice to clients; writes Kristan Oakley, Chartered Financial Planner with True Bearing Chartered Financial Planners. In recent years, however, regulation has produced a shift toward increasing demarcation between tax and financial advice. The lines between the two are less blurred than they have ever been, but this is a good thing!

Significant Contribution

As Chartered Financial Planners, we at True Bearing have always appreciated the significant contribution a good tax adviser can make to our clients, whether it’s a one-off piece of tax advice or ongoing accountancy services. By the same token, we find that accountants and tax advisers who have introduced us to their clients, entrusting us to provide financial planning advice, quickly come to the same realisation, often questioning why they haven’t done this already.

If done right, accountants partnering with Independent Financial Advisers (IFAs) can lead to more income (and profit), but that’s only part of the story.

Definite Advantages

There are definite advantages for clients whose tax and financial advisers are working together, communicating freely, and coming up with the best solutions. So often, we meet clients who are receiving mismatching tax and financial advice, leading them to question both, and to confusion. There are many areas where a dual approach works well. For example, remuneration planning. This is how best to structure a client’s income, not just earnings, but income from all sources with a view to mitigating tax and maximising ‘take-home’ pay. For example, funding pensions might be the right advice, but the scope is often compromised. This is particularly true for clients who opt for a dividend strategy. Accountants can really demonstrate their worth by helping clients find this compromise point.

Retirement planning – considering all resources, including pension funds, investments, property, and business assets. How can clients make the best use of their wealth in retirement? We encourage clients to engage in a comprehensive lifetime cash-flow exercise to pin down the details of which assets to use and in what order. This will inevitably incorporate a range of tax planning considerations requiring the services of…..their accountant!

When clients understand how their tax adviser is working in a joined-up way with their financial adviser, and they see the results, they are more likely to remain long term clients of both. Beyond this, they may be more inclined to refer their contacts to both businesses.

Working in Partnership

When working in partnership with accountants, it can be useful to both parties, and therefore beneficial to clients, to share expertise. This may even extend to training client-facing staff on pertinent topics, enabling colleagues to have more meaningful and rounded discussions with clients. A natural and welcome consequence is that staff are better positioned to spot business opportunities they might otherwise have missed.

Over time, as the partnership between accountant and financial adviser develops, we tend to see notable improvements in client service, satisfaction, and retention. This almost inevitably leads to improved reputation, profile and profitability of both parties. Don’t forget financial advisers have clients in need of good accountants too – it should be a two-way street!

To speak to someone at True Bearing Chartered Financial Planners please complete our enquiry form or call us on 01257 260011.

Enjoyed this? Read more from Amber River True Bearing

Latest news

1

University of Central Lancashire celebrates hat-trick of wins at Educate North Awards University of Central Lancashire winners at Educate North Award Winners 2025

University of Central Lancashire celebrates hat-trick of wins at Educate North Awards

04 Apr 2025

2

The Villa’s sister venue shuts its doors The Villa Levens and The VillaWrea Green (Image credit: The Villa Levens and The Villa Wrea Green)

The Villa’s sister venue shuts its doors

04 Apr 2025

3

PM urged not to retaliate over tariffs Manufacturing

PM urged not to retaliate over tariffs

03 Apr 2025

4

CMAC Group appoints Matthew Ratcliffe as chief operating officer Matthew Ratcliffe CMAC

CMAC Group appoints Matthew Ratcliffe as chief operating officer

03 Apr 2025

5

For sale signs at The Villa Villa Wrea Green has been brought to market (Image credit: The Villa Wrea Green)

For sale signs at The Villa

02 Apr 2025

Pc Prestonmacan Gif980x120 March
Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
Lancashire Net Zero Carbon Conference
Net Zero Carbon Social 1200px
Networking
18 Jun 2025

Lancashire Net Zero Carbon Conference

Crow Wood Hotel & Spa Resort, Burnley, BB12 0RT

08:30 - 13:00

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

RISE - The Academy for Female Leaders and Managers
WENDY BOWERS RISE Illustrstion copy.jpg.jpg
LBV Hub Seminars
02 Apr 2025 - 08 Oct 2025

RISE - The Academy for Female Leaders and Managers

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

09:00 - 15:30

The Business Network Central & East Lancashire
LBV Hub Networking
24 Apr 2025 - 24 Apr 2025

The Business Network Central & East Lancashire

Stanley House, Blackburn, BB2 7NP

11:30 - 14:15

People Power: Exclusive Event Series
Stay ahead in 2025.jpg.jpg
LBV Hub Seminars
29 Apr 2025 - 29 Apr 2025

People Power: Exclusive Event Series

People's History Museum, Manchester, M3 3ER

17:00 - 21:00

Planning for the future + navigating Inheritance Tax changes
Planning for the future + navigating Inheritance Tax changes for website.png.png
LBV Hub Seminars
01 May 2025 - 01 May 2025

Planning for the future + navigating Inheritance Tax changes

Stanley House Hotel, Mellor, Blackburn, BB2 7NP, Blackburn, BB2 7NP

08:00 - 10:30

A night at the races
1.png.png
LBV Hub Dinners / Balls
02 May 2025 - 02 May 2025

A night at the races

Morecambe FC, Morecambe, LA4 4TB

19:00 - 23:59

Celebrating 50 years of KTP
UCLanAerialCampus.jpg.jpg
LBV Hub Networking
07 May 2025 - 07 May 2025

Celebrating 50 years of KTP

University of Central Lancashire , Preston, PR1 2HE

16:00 - 18:00

Research and Knowledge Exchange Showcase
13421_research_knowledge_exchange_2025_600x300.jpg.jpg
LBV Hub Awards
07 May 2025 - 08 May 2025

Research and Knowledge Exchange Showcase

University of Central Lancashire , Preston, PR1 2HE

09:00 - 17:00

Innovating business solutions through PhD Partnerships
30478 Skills Bootcamp open day setting.jpg.jpg
LBV Hub Networking
07 May 2025 - 07 May 2025

Innovating business solutions through PhD Partnerships

University of Central Lancashire, Preston , PR1 2HE

14:30 - 15:30

Enhancing Your Workforce with CPD
LBV Hub Networking
08 May 2025 - 08 May 2025

Enhancing Your Workforce with CPD

University of Central Lancashire, Preston, PR1 2HE

13:15 - 14:15

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more Lbv121 Online Graphic
Subscribe now

Weekly news bulletin