Paradigm Group bespoke solution attracts interest as accountants appreciate depth of AFSL demands

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Paradigm Group’s (Paradigm) new CEO Bill Danaher has moved quickly since settling into the role in late January implementing and managing the organisation’s strategic growth objectives. As the business moves into expansion mode, a key foundation will be strong mutually beneficial alliances with leading accounting practices.

Bill Danaher is adamant that the future of Paradigm will be managed growth built on its independence, expertise and service focussed operational structure – all directed at maximising outcomes from strategic alliances.

Commenting on the looming exemption deadline for accountants, Bill Danaher said, “It’s obvious from the very low number of AFSL applications received by ASIC that many accountants have realised the enormity of the legal, regulatory, operational, resourcing and PI requirements that will be needed and we believe many accountants will opt to become authorised representatives under an authority holder or opt out altogether”.

“Whilst a limited AFSL may seem on the surface to be a cost effective consideration, the reality for many accountants when all the back office, continuing support and PI considerations are factored in, the level of risk and commitment will be identical to those of a full AFSL holder”.

In response to the removal of the SMSF Advice exemption, Paradigm has developed an offer for accounting practices that are seeking an outsourced AFSL facility.

Paradigm’s offer for accountants (Paradigm Professional Group) has been carefully structured and selectively marketed as a bespoke offering to accounting practices. Bill Danaher confirmed the group is very pleased with the interest and enquiries received to date.

For those accountants looking for a tailored end-to-end solution that is a seamless transition to financial services and the delivery of advisory services to their clients, the Paradigm offer stands out as an excellent outsource option.

In addition accountants will receive assistance with preparation of the investment strategy for their clients including asset allocation and insurance cover.

All back office support, including preparation of the SOA and technical support allow the accountancy practice to direct resources at enhancing the client relationship and interaction.

“In many respects it is a white labelled solution backed by the experience of Paradigm which gives the accountant certainty in the delivery of advice at a price to ensure overheads are kept to a minimum”, said Bill Danaher.

“In addition, with a full independent AFSL the accountant has access to Paradigm’s specialist investment and risk advice facilities, which is an area that many other solutions will not authorise them to provide”.

In promoting its licensing alternative, Paradigm has stressed that it is not a ‘volume’ offering and the accounting practices are required to be both a cultural and operational fit with Paradigm’s professional business model.

Reflecting the bespoke AFSL offering, Paradigm is promoting its solution conservatively and selectively. The interest received has very been encouraging reflected in a steady and growing number of enquiries as the exemption deadline approaches.

Commenting further, Bill Danaher said discussions with a number of accounting firms were progressing well as they meet the ideal client profile i.e. they have size, are long established, multiple partnerships with best practice client centric frameworks utilising modern processes to deliver holistic advice that goes far beyond just taxation and compliance.

Looking to the future, Bill Danaher said Paradigm is set to seize many competitive advantages that will underpin its growth and position it as a leading innovative financial service organisation. “Paradigm’s accounting offer reflects this approach and I am confident that our focus on long term mutually beneficial productive relationships will be the source of many business and growth opportunities in the years to come”.

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