Accountants quoted up to $6K for limited AR
Accountants looking to gain authorised representative (AR) status under the new limited licensing regime are being quoted figures of between $4000 and $6000 a year for the privilege.
And according to some industry spokesmen, the higher quotations are causing "sticker shock" for accountants who then have to weigh up the offer alongside associated costs such as obtaining professional indemnity insurance.
The chief executive of Count Financial, David Lane, told the recent Financial Services Council (FSC) conference that he believed the new accountants' licensing regime would generate a significant influx for the financial planning industry, but Premium Wealth Advisers chief executive Paul Harding-Davis suggests there is no immediate incentive for accountants to make this occur.
He said he believed there would be no genuine pressure for accountants to make the move until towards of the middle of 2016 at the end of the three-year transition period for the new arrangements.
He said that in that time he believed there would be significant lobbying and probable change, and it was likely many accountants would wait to see what evolved.
Lane told the recent FSC conference he believed that not only would there be a significant influx of accountants into the planning arena, but that many would opt to pursue a full licence rather than operate under the limited licensing regime.
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