Advisers and accountants should not 'guzzle from same plate'

Carmen Reichman
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Accountancy professional body the Institute of Chartered Accountants in England and Wales (ICAEW) is encouraging accountants to become more involved in financial services to diversify revenue streams - but that should not mean taking clients from advisers, consultant Eric Clapton has said.

Advisers and accountants should form partnerships in which they refer clients to each other instead of trying to compete with each other, he said. Clapton was managing director of discretionary investment manager Wellian Investment Solutions before setting up his consultancy business earlier this year. He suggested referring clients between advisers and accountants could be particularly useful post-pension freedom, where advice became more important for many and advisers may find themselves time and capacity constrained. Recent research from Prudential suggested advisers have becom...

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