New year message

Bob Edwards, founder LandmarkPD, reflects on the continuing disruption during 2021 and the opportunities and challenges that could open-up for practitioners during 2022.

What a year

This time last year we were hopeful that with emerging vaccines and gathering immunity we would be witnessing the end – or a much reduced impact – of COVID-19 disruption.

Depending on your point of view, the completion of Brexit negotiations reset the rules for trading with the EU and there was a feeling, a hope, that the worst was behind us and we could look forward to a spring rebalancing to make up for the unprecedented disruption of 2020.

And then COVID-19 started to flex its adaptability muscles and the Delta and Omicron variants appeared.

Back to square one?

There is no long-term future for a virus that kills its’ hosts. Which is why the latest variant, Omicron, is interesting. It is the most transmissible version thus far, but it does seem to be kinder on its’ hosts; fewer intensive care beds seem to be required.

Scientists will no doubt be watchful for new variants in 2022 as the multi-talented virus seeks more efficient ways to plague humanity.

In which case, COVID-19 disruption may become the new normal, and a factor that we will all need to accommodate.

Time to create our own variant?

Many of us have relied in the past on the recurring income we can create by offering basic compliance solutions: preparing and filing accounts and tax returns.

Unfortunately, bookkeepers and bookkeeping software producers are stepping into this compliance market and offering less expensive solutions.

As business owners are likely to view their need to comply with government demands – to file accounts and returns – as something they have to do rather than something which is of value, a gradual shift of this business from the profession to less expensive alternatives is inevitable.

In our opinion, the only way practitioners can plug this leak in their annual GRF is to create new advisory-led compliance offerings. Services that make full use of your qualifications and experience to help clients visualise and make their business and personal financial goals. In this way you can distinguish your service offerings and that the value they provide is worth paying a premium price.

Keep an eye on Fee Builder 2022

LandmarkPD will continue to address this shift in emphasis – from compliance to advisory-led services – by providing subscribers with fee building resources during 2022.

Meantime, a very happy and healthy new year to all our customers, past and present.

Best regards, Bob Edwards and the LandmarkPD team. 3 January 2022.

Bob Edwards

Bob has been working with practices across the UK offering novel ways to improve cross-sales and increase new client acquisitions. He is also interested in "step changes" in legislation that offer challenges, and therefore opportunities, for practitioners to provide new recurring and one-off support services to clients.

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