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Advisers Must Collaborate More Says Accountancy Firm

Brown Shipley

Accountancy firm Clapton Consultants says that advisers must now work more closely with accountants in order to deliver the best financial solution for their clients. The result, says the firm, would be that IFAs and accountants could better help their clients take full advantage of available tax breaks. It is calling for greater industry collaboration to address this issue.

Founder of Clapton Consultants Eric Clapton said: “This year’s Budget has provided advisers with ample opportunity to achieve tax efficient earnings on behalf of their clients. With more accountants wishing to become actively involved with financial planning by using the opportunities afforded by their DPB licence there is no longer an excuse for the industry’s failure to collaborate more effectively.

“The key to a successful adviser/accountant relationship is understanding each other’s limitations and respecting each other’s boundaries. The accountant’s role is to liaise with HMRC, educate the client on taxation issues and provide the adviser with an assessment of the possible savings that could be made with an effective plan in place. It is then the role of the adviser to create and execute a suitable financial plan based on that assessment. Providing that neither side attempts to tread on the other’s toes, this approach can be hugely beneficial for both parties and most importantly; the end investor.”

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