ICAEW is keen to encourage members to play a wider role as ‘personal finance director’ to help SME owner/managers and their families manage their personal financial and investment affairs.
To this end ICAEW has recently launched a Personal Financial Planning Community and a Lifetime Wealth Planning Guide.
Personal financial planning is an area in which ICAEW chartered accountants are able to use their skills and experience and trusted relationships to deliver complementary services and work with other professionals to help clients and their families manage their personal finances. This increasingly important area of professional advice typically involves aspects of lifetime cash-flow modelling, investments, pensions and retirement planning, tax and estate planning, probate and personal insurances.
The Personal Financial Planning Community www.icaew.com/pfp is free to join and offers material on regulation, pensions, investments, tax and estate planning, probate and practice development.
The Lifetime Wealth Planning Guide 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.
Steve Pipe, business mentor to the accountancy profession, who spoke at the 13 December Community launch event, has posted his reaction to the launch of this exciting ICAEW initiative:
“For me, the best thing to come out of the day was the suggestion from the ICAEW that we can now start offering a personal finance director service to our clients. To me, that label is genius. Not only is it eye-catching and memorable, but it also makes it very clear that this is something new and important. Something that will be really valuable to your clients, and really profitable for you.”
Read his comments in full at www.stevepipe.com/blog/pfp