Following changes announced as part of the Future of Financial Advice (FoFA) Guidelines, adviser group My Adviser today announced the launch of a specialist authority to enable accountants to continue to recommend and provide advice on SMSFs.
Under current laws, accountants can provide advice on SMSFs without having to hold an Australian Financial Services Licence, but the proposed removal of the exemption under the FoFA guidelines will force accountants to obtain an AFS licence if they want to continue to provide advice around SMSFs and superannuation.
Philippa Sheehan, Managing Director of My Adviser, said that she was very pleased to be able to offer accountants a comprehensive solution to the changes.
“The package we have developed will go beyond existing legislative exemption. It offers Professional Indemnity Insurance to accountants and will also allow them to provide some strategic advice to clients on SMSFs, including on basic deposit products and cash management accounts.
“Our package is competitively priced, with a flat fee and the option of a weekly payment for Professional Indemnity Insurance and on-going support and education,” Sheehan said.
With the Institute of Chartered Accountants estimating that up to 10,000 accountants will be looking to take advantage of the current legislative changes to move into the sphere of SMSF advice, there is a significant opportunity for accountants to licence themselves sooner rather than later.
“At My Adviser, we feel very strongly that accountants should be able to get the correct licencing easily. We have no links with any bank or insurance company, and we see this as a competitive advantage as institutional aggregation continues in the industry.
“Better informed investors are increasingly seeking out services that are free of ‘product manufacturer’ influence, and our accountant licensing package will help accountants provide that unfettered advice,” Sheehan said.
She concluded by saying how important it is that accountants know there is an independent alternative in the market.
“Accountants don’t need to go through the licensing process alone, and they don’t need to align themselves with a large institution to get licensed. A non-aligned group, like My Adviser, is perfectly positioned to help accountants move their business forward successfully,” she said.
12 July 2012
