As I’ve replied on your other post …
Let me start by saying that I think the new Coconut Accounting offering is excellent for both the client and the accountants overall with the accountants, who are part of the programme, receiving leads without the need to carry out marketing. Sounds like a result to me.
In life there is always the potential for a client to find a better deal elsewhere. I often find that the devil is in the detail and the new deal may be apples while the existing accountant offers pears. It’s more than price although this may be the headline click bait that the client focuses on – there needs to be a like for like comparison.
Let’s be certain though and especially in this climate, clients are much more price aware with Coconut and other Challenger bank apps blowing apart much of the bookkeeping and accounting processes. Clients are more savvy and want to know what they get for their fees.
Clients may come to an accountant for the price but stay for the service.
As accountants we can use many tools to get our job done. I like Coconut because not only does it do what I need it to do but the service from them is personal …. I get a good response and things are dealt with.
I’m not a betting person but it would not surprise me if other Challenger banks don’t follow suit at some point on this anyway. It’s a great idea so why wouldn’t they?
Tim – Perhaps Coconut haven’t handled this announcement as best they could (and I know Sam – he will look very closely at this for lessons learnt) but whilst I’d never tell anyone what to do, please do have a think about ditching Coconut as a partner.
I do think you should take it as a massive compliment that your client has come to you and you’ve resolved any fee issue with them. How many accountants lose clients with the first thing they know about being the professional clearance letter? So no opportunity to resolve any issues. And, as you said, there was already a service on your web site that cut his fees anyway - so all’s well that ends well.