ARE ACCOUNTANTS MOST TRUSTED BY SME TO ADVISE?
Written on the 11 April 2011
A SURVEY of more than 600 Australian and 240 New Zealand business owners conducted by an accountancy, financial planning and law association has discovered that accountants are the most trusted advisers when it comes to business advice. The MSI Global Alliance March 2011 survey scanned a range of business and personal financial advice areas, where participants were able to select their lawyer, accountant, bank, business coach or financial planner.
While much has been written about the lack of professionalism of financial planners, participants rated them as the most trusted source of retirement planning advice (40 per cent) with accountants following closely behind on 37 per cent. This rated accountants highly despite the fact individual accountants are not allowed to offer investment advice to clients.
• Lack of formal qualification/credibility
• Still charge commission, dressed up as a ‘percentage of funds under advice’