The most common reason accountants hesitate to talk about financial planning is uncertainty about the boundary. Where does helpful, professional observation end and regulated advice begin? The good news: the line is much clearer than most firms fear — and everything valuable an accountant does sits comfortably on the right side of it.
What belongs to the accountant
- Seeing the need. Idle cash, no pension contributions, an unprotected loan, an ageing owner with no exit plan — these are facts in the accounts, and noticing them is simply good accountancy.
- Framing the question. "What's the plan for that money for you personally?" is not regulated advice. It is the most valuable question most owners are never asked.
- Making the introduction. Explaining that the firm works with financial adviser colleagues, and asking permission to introduce, is the accountant's move — and the research says it is the single most effective route into advice.
- Staying involved. Tax coordination, structure, and the ongoing relationship remain the accountant's. A good planner wants the accountant in the room, not out of it.
What belongs to the planner
- The recommendation. Which pension, how much, which fund, what cover, which provider — all regulated territory, all the planner's responsibility.
- Suitability and documentation. The fact-find, the risk profiling, the suitability report, the FCA obligations and the professional indemnity behind them.
- Implementation and reviews. Setting it up, keeping it on track, and the annual conversation that keeps the plan honest.
The one-sentence test
If you are describing a problem, you are an accountant. If you are prescribing a solution, you have become an unauthorised adviser.
The moment a client asks "so what should I actually do?" — and they will, because they trust you — the correct professional answer is: "That is exactly the question for our adviser colleague. Let me introduce you." It protects the firm, it serves the client, and it is precisely how the joined-up model is designed to work.
Under the Altro partnership, that hand-off is structured: introductions are recorded, the adviser responds within a working day, and the accountant watches every stage — introduced, meeting booked, advice in progress, implemented — without ever carrying regulatory risk.