Accountancy Tie-Ups Add Up for Advisers, According to New Research from Prudential

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Two thirds of advisers believe that specialist tax advice services are set to be the biggest potential growth area for businesses in the next two years, according to new research from Prudential. Over a quarter of advisers (29 per cent) believe their work with accountants will increase significantly during this time.

Pension freedom is creating new opportunities for financial advisers to collaborate with accountants with demand for more specialised advice services set to rocket over the next two years.

Nearly nine out of 10 of advisers (89 per cent) are expecting to work more closely with accountants with just under a third (29 per cent) forecasting the increase to become significant for their businesses.

The new professional relationship research from Prudential1 comes as the insurance giant prepares to host a series of nationwide seminars for financial advisers and accountants, supported by the Institute of Chartered Accountants of England and Wales (ICAEW) Financial Services Faculty.

The biggest growth area will be specialist tax advice – 67 per cent of advisers expect they will need additional specialist tax expertise to help clients as pension freedom beds in and retirement planning becomes more complex.

Advisers also identified other areas for potential expansion of specialist services when working in tandem with accountants; 33 per cent cited personal IHT planning as a growth area and 32 per cent of advisers believed that business IHT and legacy planning is a likely growth area for advisers collaborating with accountants. (See Table 1.)

Vince Smith-Hughes, head of business development at Prudential said: "We have seen a very clear business development perfect storm develop over the last six months.

“Pension freedom is driving up the demand for specialist client services such as intricate tax advice and business legacy planning, while advisers have been quick off the mark to extend their service offering and meet the growth opportunities opening up for their businesses.

“Working with the ICAEW, we believe we can help facilitate a better working relationship between the financial advice industry and the accountancy profession, to offer enhanced services to clients who now have broader and potentially more complex financial planning needs following the introduction of pension reforms earlier this year."

Prudential is hosting a series of ground-breaking seminars for financial advisers and accountants across the UK, supported by the ICAEW.

The first in a national series will be held in Cardiff on 15 September. With a growing emphasis on the value-added services available to clients, the seminars will cover working together for mutual benefit and will help to equip advisers with the tools to identify opportunities for working collaboratively with their accountancy colleagues, to serve more fully their clients’ best interests. The latest legislation changes will be explored, with particular emphasis on how different clients will be affected.

John Gaskell at ICAEW Financial Services Faculty, said: "Closer working relationships between financial advisers and accountants offers a smart solution for clients facing some pivotal tax and planning decisions. Tie-ups will lead to even better client outcomes and we relish the chance of working with Prudential on this national initiative."

The 17 half-day seminars are free to attend and are accredited by the Chartered Institute of Insurers (CII) and the Institute of Financial Planning (IFP).

The information contained in Prudential UK's press releases is intended solely for journalists and should not be used by consumers to make financial decisions. Full consumer product information can be found at http://www.pru.co.uk.

Media enquiries
Louise Wilkie     020 7004 8280             louise(dot)wilkie(at)prudential(dot)co(dot)uk

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An ISDN line for broadcast interviews is available on request.

Notes to editors
PollRight interviewed 120 IFAs online on behalf of Prudential between 24.08.15 and 01.09.15

  • The seminars in Edinburgh and Glasgow will be supported by representatives of the ICAEW who are based in Scotland.

Prudential UK
Prudential UK is a long-established leading provider of life and pensions. Our core strengths in with-profits and retirement are underpinned by our expertise in areas such as longevity, risk management and multi-asset investment, together with our financial strength and highly respected brand.

ICAEW
ICAEW is a world leading professional membership organisation that promotes, develops and supports over 144,000 chartered accountants worldwide. We provide qualifications and professional development, share our knowledge, insight and technical expertise, and protect the quality and integrity of the accountancy and finance profession.

As leaders in accountancy, finance and business our members have the knowledge, skills and commitment to maintain the highest professional standards and integrity. Together we contribute to the success of individuals, organisations, communities and economies around the world.

Because of us, people can do business with confidence.

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Louise Wilkie
Prudential
020 7004 8280
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