Are you looking to offer additional value-added services?

In today's fast paced world there is a definite change taking place where more and more time poor consumers are looking for one-stop-shop businesses that provide additional value-added services that are relevant to the sector they are searching for. The accountancy sector is no exception and only providing traditional accountancy services around taxation and compliance is no longer a viable business model. Time poor clients and SME’s are looking for a one-stop-shop that meets all their financial needs. It needs to go beyond taxation and support services to ensure their business is sustainable. It needs to include services that focus on their personal wealth management and cover areas such as retirement planning, investments, and Inheritance Tax planning. Accountancy firms need to adapt in order to survive. Personal wealth management services have traditionally been provided by Financial Advisers and, in the past, accountancy firms have looked at advisers with a degree of suspicion. There tended to be a “loose” relationship between advisers and accountants to provide an ad-hoc service, when needed. This arrangement does not work for time poor clients demanding a one-stop-shop service. For accountancy firms to provide financial advice services to their clients this would entail considerable effort and cost in order to obtain FCA authorisation and then adhere to the ongoing compliance requirements, obtain numerous qualifications and ongoing CPD. There is a solution though, which is to operate a franchise model where you still keep the advice process in-house but you have a team behind you (the franchise provider) to help you establish and run your financial advice business. There are a few ways that this can be implemented to make this work for you and your firm, but the key aim of the franchise provider is to allow your business to focus on advising clients and they take care of the rest, where everything is done according to FCA rules. This includes: Administrative support Full compliance support (no need for you to deal with the FCA) FCA fees and Professional Indemnity Insurance fees are paid for you Product research carried out for you Technical support for more complex advice cases Marketing support The franchise model allows you to offer a one-stop-shop for accountancy and financial advice. It also helps with client retention and provides a lucrative additional income stream. If you would like to discuss the franchising financial advice model further, please contact Money Advice & Planning Ltd on 0345 241 1808 or email: enquiries@mapfinances.co.uk.