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According to new research, there has been a significant shift in the confidence of accountants offering advisory services, despite a notable lag in sentiment regarding client retention.
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New research shows spike in accountants’ advisory confidence
16 June 2017
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6 minute read
Speaking at a breakfast briefing of the 2017 Bstar Accountants Research Report in Sydney yesterday, Bstar CEO Grant Bloxham said that there has been a significant shift in accountants’ confidence around providing advisory services.
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“In 2014 when we first put the report together I think it was 8 in 10 accountants said they didn't have the confidence to deliver advisory services to their clients,” Mr Bloxham said.
“[This year] 71 per cent successfully converted compliance clients to advisory clients, so that's a massive, massive change in our research.”
Mr Bloxham said that was one of the most pleasing statistics to come out of the Bstar 2017/18 Accountants Research Report, which was conducted in partnership with BT Financial Group.
“So you can see the change happening within the industry,” he said.
Mr Bloxham also highlighted other key growth statistics were identified in the report.
“When it came to client retention and growth, only 19 per cent were happy with their client retention growth rates.”
Accountants Daily reported on the approaches to client retention that Australian firms are taking, according to Bstar's research. You can read about it here.
“Ninety per cent believe that they are their clients' most trusted adviser and 78 per cent believe they have sufficient relationship and product trust to engage clients.”
According to Mr Bloxham, the firms that are getting it right are the firms that are evolving their business.
“The key message is strategic innovators are not complacent, they’re looking for new ways to improve performance and increase efficiency,” he said.
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