Thousands of Personal Finance Director Roles Available Across the UK

LONDON, Nov. 14 -- The Institute of Chartered Accountants in England and Wales issued the following news release:

ICAEW is launching it's Personal Financial Planning Community and Lifetime Wealth Planning Guide on 13th December to encourage ICAEW Chartered Accountants to play a wider role as 'personal finance director' to help SME owners/managers and their families better manage their personal financial and investment affairs, transferring valuable skills and positions of trust to provide much needed lifetime wealth planning.

John Gaskell, head of personal finance planning at ICAEW comments:

"As business owner/managers prepare for retirement, considering the longevity of their pensions and investments, and inheritance options they are in great need of a trusted source that knows and understands their situation. Who better than the individual they have trusted to guide their business through the years? We believe that more chartered accountants should broaden their horizons to factor this personal finance market into their remit, as they are best placed to provide the support that is required for owner/managers to achieve their personal financial goals."

Open to ICAEW members and others in the financial planning and investments sector, the community offers access to material on regulation, pensions, investments, tax and estate planning, probate and practice development. To provide more support to members with an interest in this increasingly important area, ICAEW has created a Lifetime Wealth Planning Guide, which revolves around a case study. It takes the reader through the experience of Peter Pickle, a retiring SME owner who seeks the advice of a financial planning mentor to take him through his retirement and wealth planning.

Peter is first advised by his longstanding business accountant 'Limited Horizons' who believes it cannot be of assistance as their traditional field of expertise does not encompass personal finance. 'Progressive Planning' proves to be the accountant of choice - a forward-looking firm that brings together a network of trusted advisors.

Being the 'personal finance director' to a family is a multi-disciplinary goal, and whilst the accountant is best placed to advise on matters such as tax and generic financial modelling they will be invaluable to clients if they can facilitate access to and coordinate an advice team. Specialist advisers with permissions from the Financial Conduct Authority (FCA) to advise on pensions and investments will be needed, with the accountancy firm licensed to deal with probate to help Peter manage the estate of his late father.

ICAEW can license its accountancy firms under the DPB (Designated Professional Body) regime. This allows firms to undertake certain non-mainstream investment business activities, including regulated referrals to FCA authorised specialists and to ask questions on suggestions made by the wider team of advisors, translating technical information into plain English.

This way of working enables accountants to deliver an integrated and highly valued service that focuses on helping clients organise their personal finances efficiently to help them achieve their lifestyle goals.

With an estimated 400,000 individuals with money purchase pension pots retiring each year which when added to the introduction of Freedom and Choice in Pensions means the demand for trusted personal financial planning advice has never been greater. ICAEW Chartered Accountants have no shortage of clients that need professional personal financial planning advice and the Peter Pickles of this world will increasingly look to their trusted accountant to act as the family's personal finance director. If clients cannot receive the type of advice they need from their existing advisers, they tend to look elsewhere.

This document was posted showing the date: Nov. 13, 2017.