“Joint business structures, alliances and partnerships between accountants and financial planners are not a new phenomenon. They have been applied with great success… primarily out of the necessity to work together and maximise limited resources,” said Paul Tynan.

“The advantages and benefits for financial planners and accountants to work together in collaborative relationships in the future will be immense and I’m confident that both sectors will do so in greater numbers over the coming years to maximise their skills and expertise,” he added.

The barriers to merging accounting and financial planning practices can be “easily overcome,” Connect stated, with benefits including reputational enhancement and a client-centric business model.

“Two highly regarded professions will be the catalyst for new and innovative business models and service and product offerings that will be of benefit to the financial service industry and consumers,” Mr Tynan said.