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Personal Financial Planning Community

The benefits of professional collaboration

Inheritance tax and estate planning guide

ICAEW and Octopus Investments have produced this guide to show how chartered accountants can work more collaboratively with regulated financial advisers and other personal financial planning professionals to generate better results for clients and build a more profitable and sustainable business.
Read the report

Estate and inheritance tax planning offer a natural point of convergence for delivering integrated advice. This is particularly relevant for professional advice firms that operate in the small and medium-sized enterprise (SME) sector and private client market.

The collaboration dividend

There are many areas in which chartered accountants can help SME owners and families. An integrated approach can add value and deliver a rounded package of services to meet broader client needs.

The ability to deliver a premium value service pivots around a collaborative business model, with an established network of regulated financial advisers, lawyers and other professionals.

To illustrate this, the guide will present the case study of SME owners Peter and Pat Pickle, who have reviewed their life goals and want to sell their business in the next two years, provided they have enough to enjoy a long retirement together.

Other examples within the guide further show how collaboration can help clients to meet their goals.

The guide highlights:

  • the importance of the client discovery meeting and how it is structured, from pre-meeting fact-finding to teasing out core priorities and aspirations and setting out next steps;
  • tips on how you can move towards a more collaborative business model;
  • professional standards and the role of the Designated Professional Body (DPB) Licence;
  • a summary of inheritance tax legislation; and
  • planning strategies and related regulation.
Benefits of collaboration PFP report cover

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