“I think, fundamentally, that people are in this business to help people make life choices, and there’s never been a better time,” Mr Stackpool said. “People are leaving the marketplace, because it’s getting too hard to help people with product choices.

“This is the opportunity for accountants to step back into this project management role, this leadership role, and bring the right expertise to their clients, whether in-house or externally.”

Australia’s largest accounting bodies in March condemned ASIC’s latest industry funding levy hike which, many feared, would see accountants offering financial advice forced out of the space.

The levied costs issued by ASIC are now $1,500 for an AFS licence, as well as $2,426 for every authorised adviser working under the licence, up from $907 per adviser in 2019. 

Speaking to boutique accountants who might be limited licensees, or those who are otherwise deterred by the cost of offering financial advice, Mr Stackpool said that now is the time to consider partnering with an adviser to offset the costs.

Mr Stackpool said that it should be thought of in the same way as an agent would approach estate planning specialists for state planning, and underwriting specialists, and other experts to achieve positive outcomes for clients. 

“I think we’re moving into an era where some of these refugees from the product world will jump in and be more of a product specialist, which we need,” he said. 

“That fundamental role that accountants have always provided — and maybe, can get back to now — is to play the project manager. Be that project manager, offer that service. The cure of one financial loss can’t be attempted without treating it as a whole, and accountants have got that whole conversation.”

Mr Stackpool said that most accountants would naturally be able to unlock and offer that value by seizing upon the services they already provide their clients, and expanding upon them.

“Accountants are already providing valuable advice and guidance,” he said. “Many don’t realise they could also easily use our validated and proven conflict-free methodology based on the principles outlined in APES 230 by the Accounting Professional and Ethical Standards Board (APESB) which banned conflicted payments.

“While APES 230 was dropped in 2012, the never-ending list of financial advice scandals and inquiries confirm there are few alternatives for advisers who want to build a business helping their clients.”

Mr Stackpool pointed to a dwindling pool of financial advice providers in Australia, a cohort set to shrink to 13,000 by 2023. He said that accountants are best placed to pick up the slack and fold financial advice services into their offering.