Small Business Report supports the Findex/Crowe Horwath ‘trusted adviser’ approach

Michael Wilkins

The recently released Small Business Research Report prepared by research house BStar for the SMSF Association reinforces the new business model announced last month by Findex, the largest provider of holistic SME and private client services in Australia and New Zealand, says Findex Chief of Adviser Services Michael Wilkins.

“The BStar/SMSFA report focuses on the potentially critical role of a trusted adviser in small business success,” says Mr Wilkins, who oversees a network of around 2000 advisors across the group’s brands that include Crowe Horwath, Centric Wealth, Prescott Securities and Financial Index Wealth Accountants.

“The key findings of the Small Business Report include small business owners being ‘time poor’, suggesting there is a pressing need for professional advisers to provide ‘specialised business advice services’ for both their business operations and personal finances, which are usually more intertwined the smaller the business.

“All Findex businesses are in the process of rolling out what we are calling a Family Office model, which replicates a service that has traditionally only been available to the very wealthy.

“Essentially this is a structure that provides a comprehensive suite of financial service from under the one roof – a one stop shop if you like – with a trusted adviser as the key point of contact for relationship management.

“Small businesses are the backbone of our economy with 2.5 million entities and 25,000 people a year saying they are planning to start a business.

“The other good news is that the Report found that 92% of small business operators are optimistic about the future, even in the current business climate, and that 79% believe there are opportunities for growth in FY 15/16.

“The most concerning finding of the Report is that four out of 10 business owners surveyed said they did not know who to turn to for advice on improving their business.

“Interestingly, and alarmingly, this same sentiment flowed to the issue of who to turn to for professional advice on the subject of retirement planning.

“These are precisely the issues the new Findex model is designed to solve, namely, the provision of a range of financial business and personal advice managed and delivered from a single trusted source in the client’s primary professional adviser.

In commenting on the report, SMSF Association CEO Andrea Slattery noted that the days of the traditional accountant who offers a finance recording function are past – the accountant or financial planner, whoever has the key relationship, will increasingly have a much broader stewardship model in the future.

“We agree, and we at Findex are pleased to be at the forefront of this change in the structure and delivery of advisory services,” Mr Wilkins said.