Clients turning to firms rather than banks

Over two-thirds of small businesses will go to their accountants to discuss
financial advice, rather than their banks.

A survey of 400 small UK business by Graydon and the Forum of Private
Businesses found that 70% speak to their accountants for financial advice, while
only 47% would speak to their banks.

A fifth of respondents seek advice at least quarterly, or more frequently.
Over a third (36%) admitted they had failed to speak to either their accountant
ar bank manager in the last year.

‘The traditional ‘grey-haired pillar of society’ stereotype of the bank
manager as a trusted and respected source of financial advice has faded into the
past,’ said Graydon managing director Martin Williams. ‘But as the economy hits
upon hard times and banks become increasingly nervous about credit limits, SMEs
need now, more than ever, to maintain a close dialogue with their bank
managers.’

‘It is a concern that they are not sourcing help more frequently,
particularly in these testing times,’ said FPB chief executive Phil Orford.

Last week HSBC’s head of professional proposition Piyali Williams
told Accountancy Age that
accountants were viewed by clients and banks as a trusted source of independent
advice.

Further reading:

Bank says accounting profession is
best adviser

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