Independently-owned advisory firm Fortnum Financial Group has launched a compelling business coaching and licensing offer for accountants with the firm predicting a wave of practitioners will rush to become licensed in the second half of 2015.
New Fortnum subsidiary, Fortnum Professional Strategies will provide class of product licensing and a wide range of complementary services including education, training and business coaching to help accountants understand and meet their obligations under the government’s new regulatory framework.
It will also work with accountants to boost practice productivity and growth, form referral relationships with centres of influence, and build expertise in areas like superannuation, estate planning and asset protection.
Fortnum Professional Strategies is headed by chartered accountant and business coach Scott Charlton who is also head of strategic development at Fortnum Private Wealth. Before joining Fortnum in 2010, Charlton was coaching program manager at leading Australian and New Zealand training organisation, Proactive Accountants Network.
“With the removal of the accountants’ exemption on July 1, 2016, many organisations have launched a licensing solution for accountants but licensing alone won’t ensure that accountants and their clients are better off under the new regime,” Charlton said.
“In addition to licensing, we want to give accountants clarity and direction around their business model. We want to help them run more productive, efficient and profitable practices through training, coaching and interaction with their peers.”
Fortnum executive chairman Ray Miles said the recent exit of Proactive Accountants Network from the training space created an opportunity for Fortnum to help accountants impacted by the removal of the accountants’ exemption.
“At this critical juncture, there’s strong demand for licensing solutions and development programs specifically designed for accountants,” he said.
“We aren’t interested in working with accountants who want the cheapest solution. We don’t believe that the challenges facing accountants can be solved with licensing or software alone but rather we want to partner with people to implement effective programs and help grow their business.”
Charlton said the majority of accountants were still unsure about whether they would apply for a full or limited Australian Financial Services licence; join an established dealer group; or partner with an advisory firm.
“Many wrongly believe they have a lot of time to figure it out but what they don’t realise is that there’s more to it than just licensing. They may need to undertake additional study so they can’t afford to leave it much longer before committing to a course of action,” he said.
In addition to tailored and flexible licensing options for accountants, Fortnum Financial Group also offers comprehensive licensing and dealer services to financial advisers through Fortnum Private Wealth.
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