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Accountants increasingly keen to partner with brokers

by johnmaxwell8 minute read
The Adviser

While many accountants have had the epiphany of partnering, a large number of them have struggled to find a broker or financial planner to effectively partner with.

Within the confusion of the changing advice guidelines for accountants, many firms have been forced to stop and take a look at the future of their business. Some will be shocked by the result.

Times are always changing and we must change with it or risk becoming a dinosaur. With the recent removal of the advice exemption for accountants, reluctantly for some, accountants have been forced to lift their eyes and focus on partnering with professional advisers. In doing so, many are realising the value of partnerships.

As a mortgage broker, history has painted a picture of accountants being resistant to partnering with the allied services. Accountants were among the hardest to build a relationship with. Often they would take 2-3 times longer than building a relationship with a real estate agent or financial planner.

I know a number of brokers who have recently been approached by local accounting firms to partner. Has the recent upheaval of the accounting arena created a new era of proactive accountants?

Accountants I have spoken with have reported difficulty in finding suitable advisers that are dedicated to a mutual alliance.

So where are all the brokers and financial planners that not too long ago were pounding on the doors of accountants? Have they burnt the bridges? Or perhaps the advisers have already taken up partnerships with other willing firms.

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John Maxwell is Founder and Senior Finance & Business Strategist at Cocalex Consulting. He has over 15 years experience in the financial services sector, and has owned and managed 9 mortgage franchises. John has particular focus and passion for leadership training and development, franchise development and business networking.