ASIC has revealed their latest limited licence statistics that reveal that in the last 20 business days ASIC received 16 applications for a limited licence, added four new licences and sent back nine applications.

“There are 25 business days left before Christmas and then only 40 before 1st March when ASIC has said they are closing their books on clean licence applications. The good news is 2016 is a leap year so there is an extra day on Monday 29th February.

“At this rate less than 1% of accounting firms will have successfully applied for and gained a limited licence by the closing date. After this date accountants will not get another chance until 2019

“FPT Wealth is currently surveying accountants and the overwhelming early responses are frustration and disappointment. Most have given up on applying for a licence and many are also giving up on the RG146 training requirements.

“We are just not seeing the anticipated rush of late applications. The limited licence option was always the least appealing option – too much effort, too much risk and too much distraction for almost no new reward.

“On Tuesday 1st March 2016, the risk doesn’t go away, it’s just that a firm’s decision tree becomes narrower and tighter,” said Tony Bates, Director, FPT Wealth.

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“David has had a long and distinguished career working with the accounting industry, including a partner role at PKF (now BDO). He is also past President of The Institute of Chartered Accountants in Australia (now Chartered Accountants Australia+New Zealand)”

“As our limited licensing solution for accountants, FPT WealthBox, gains further traction, we believe David’s extensive experience and leadership will assist greatly with our growth and continuing market penetration. FPT WealthBox is a credible answer for accountants who do not wish to become licensed planners but want to retain they key client relationships while their clients receive excellent wealth advice, said Tony Bates, Director, FPT Wealth.

David Smith is founding director of Smithink, which focuses on business management, strategy and process innovation.

FPT Wealth also appoints James Malcolm, Director Practice Development

FPT Wealth is also pleased to announce the appointment of James Malcolm as Director of Practice Development.

James has a great deal of commercial experience and has worked with many of the organisations that make up Australia’s Top 100 accounting firms.  His roles will include Client Partner acquisition, implementing the FPT WealthBox solution and assisting our Client Partners to maximise the benefits, cashflow and equity value of their wealth advice services.

James has spent the last 26 years advising accounting firms on how to increase practice productivity and profitability through the effective use of software platforms and improved service delivery models. His qualifications include MCom Accounting & Finance (Macq), B Ag Sc (UWS), Grad Dip Accounting (UTS) and ASA.

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