Findex Group CEO Spiro Paule has revealed the company is committed to helping accountants compete and grow back their slice of the market. With the goal to deliver a family office model to mid-market clients, the Group is determined to empower accountants by ensuring a broader range of services are on offer.
“We’re trying to empower accountants to win more [clients] back,” Findex chief executive Spiro Paule told financialobserver.
“They’ve lost their dominant position with everyday clients, and we’re trying to offer them a way to get their place back, and to be able to offer everything they need to hold that relationship so that their clients don’t feel they need to go elsewhere.
“Our overriding goal is for the accountants to win back the market, which they once had entirely. This is a dominant play in our strategy.”
Paule said the evolution of the financial services industry had seen advisers come out as the present-day winners.
“Thirty years ago, there was no such thing as a financial planning industry – there were bank managers advising on loans, stockbrokers advising on shares, insurance brokers advising on insurance and accountants advising on everything else from your tax to your investment strategy, so the accountant was the dominant dispenser of advice,” he said.
“Since then the financial planning-wealth management industry has grown as a global phenomenon, and it has done that because of the complexity of investment products and the compliance around those investment products to make sure that consumers were looked after.
“In a sense I think the big losers were accountants, because they lost the client relationship, but they’ve been chipping away trying to win it back, especially through self-managed super, and regaining an influence over clients.”
Read the full article in the Financial Observer.