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Twenty-five years' experience running my Accountancy business has highlighted to me the importance of Accountants and Financial Advisors working together to produce the best outcome for the client.
Yet over this time, I have experienced regular uncertainties, mainly in relation to communication between both parties. Let’s be honest, sometimes different views from both parties can actually be a good thing in achieving the most considered outcome for the client when a mutual agreement can be made. However, on many occasions, a tug of war was played between the Advisor and the Accountant, always to the detriment of the client.
Firstly, the Accountants disagreed with the Advisor's fees, and or the investment strategy, and in return the Financial Advisor in defense would recommend other Accountants who they are affiliated with and the Accountant would do the same. This only created stress, confusion and makes it very difficult to come up with one suitable all-encompassing plan for the client.
I know many Financial Advisors and Accountants are very diligent and professional, and who I hold in high regard. My blog does not refer to these individuals. I am simply sharing my experiences which led me to a decision to merge with a Financial Advisory firm with whom I can work together in harmony to ensure we provide our clients with the best possible chance to achieve their goals and objectives.
So, if you are in the process of considering a new Accountant or Advisor, why not ask who are the trusted professionals in their circle, and how they work with them on an ongoing basis?
Disclaimer: The information provided in this presentation is of a general nature only. It does not take your specific needs or circumstances into consideration. You should look at your own personal situation and requirements before making any financial decisions. Please seek personal financial advice prior to acting on this information.