Advisers say accountant links key to 'opening new markets'

More than two-thirds (67%) of advisers say that establishing a formal working relationship with an accountant will enable them to expand their existing business into providing services to large corporates and company directors while 48% believe they can target SMEs.

The research highlights the growing importance of tax expertise following the launch of the pension freedoms – the study found 45% of advisers would welcome further training on technical taxation issues and 46% want to know more about regulation of accountancy.

The study also identified demand from advisers for more support from product providers on strengthening connections with other professions – 30% of advisers say they’d welcome provider help in expanding their business connections.

Nearly half of advisers (46%) say they would welcome more online tools and calculators from providers to help them boost professional connections and 45% want more technical support, the research found.

Around two out of five (40%) of advisers would like more CPD training from providers and access to webexes to help expand professional connections.

Prudential is hosting a series of 17 nationwide seminars for advisers and accountants, supported by the Institute of Chartered Accountants of England and Wales Financial Services Faculty, aimed at helping firms to identify opportunities.

Vince Smith-Hughes, director of business development at Prudential, said:

"Pension freedom has underlined the importance of independent financial advice and massively raised its profile among major firms, directors and SMEs.

“Markets which might have been closed before are potentially opening up but there is realisation that advisers may need additional expertise. Working with the ICAEW Financial Services Faculty, we hope to explore the opportunities presented by pension freedom legislation for advisers and accountants."