“I’ve been lucky to get some good overtime, but I’m being taxed quite a bit. Should I salary sacrifice into my partner’s super? Debt recycle? Or just stay the course with working, saving, and paying down the mortgage?”

This is the kind of question accountants are frequently asked. And naturally so. Accountants are among the most trusted professionals globally. Numerous surveys, research, and studies consistently confirm this. Therefore, it makes sense that accounting clients look to their accountants for solutions that can help them improve their overall financial position.

However, unless an accountant holds an AFSL, they cannot provide this kind of personal financial advice. At best, they can provide a referral to a financial adviser who may or may not be able to assist, depending on their capacity. At worst, their client hits a dead end.

Accountants should be a key provider of financial advice

Firstly, they provide tax services to the majority of working and retired Australians. According to the latest ATO statistics, 63 per cent of Australia’s 15 million-plus individual taxpayers used a tax agent to prepare and lodge their return.

Secondly, accountants are custodians of 27% of superannuation assets. They have access to or are providing advice on SMSFs and an estimated 25-40% of individuals’ super assets, insurance, debt, and other investments.

Finally, 96% of SMEs use accounting services to help operate their business.¹

When an industry is serving this many individuals, there will always be an overlap between what falls squarely under accounting and what veers into advice. But over the decades, accountants, regulation, technology, and professional associations have dropped the ball when it comes to capitalising on this privileged position.

Digital advice technology and regulation finally align

This convergence enables accountants to enhance their relationship with clients by providing even greater value through offering affordable financial services that are wanted and needed. Our own research showed that people are more likely to engage with a financial service from their accountant.

By having safe and compliant technology, accountants can effectively leverage their book, improving revenue and increasing the value of their business. And, because digital advice is client-led with the option of human interaction, it has zero to minimal impact on day-to-day business operations.

The moneyGPS digital advice platform is a plug-and-play solution that is quickly and easily integrated into any accountant’s practice. It requires less than 2 hours of onboarding, and the done-for-you marketing means you don’t need to lift a finger.

So there’s no need to wait before having a financial advice solution that your clients are asking for.

Benefits of moneyGPS

Fully compliant and no risk to you because single-topic automated Statements of Advice (SOAs) are delivered via the moneyGPS AFSL.

Accountants retain 80% of all commissions, with the remaining 20% donated to GPS-supported charities.

A suite of financial services to help your clients with the option to integrate your own services onto the platform.

Financial wellness and education so you can be the go-to for trusted information.

An enhanced value proposition that helps retain and attract clients, including the children of HNW.

Access to affordable financial advice for your clients that can help them improve their overall financial position.

Future-proof your business and stay competitive in the market.

Try with confidence: free one-month trial and no lock-ins..

So the next time your client asks you what they should do with their super or whether a property or fund is the best investment, be ready to answer them with moneyGPS.

Empower them with affordable advice that improves their financial situation and cements your status as a trusted adviser they can rely on.

Visit moneyGPS today or call our Concierge service on 1300 24 24 42. They can answer any questions, book you into a 30-minute online discovery call, or help you start your free trial.

1. Benchmarking