Accountants stalling on licensing risk losing SMSF clients: AFSL
Many accountants are still unsure of what to do when it comes to maintaining their ability to advise on self-managed superannuation funds (SMSF), once the Accountants' Exemption expires on 30 June 2016, a financial licensing firm claims.
Joining the growing number of Australian Financial Services Licence (AFSL) holders offering accountants with the opportunity to become authorise representatives, Rise Standards (RS), managing director, Guy Thompson, said a large numbers of accountants have sought to join the RS network, to maintain their SMSF advice business.
"Accountants who do not adapt to the legislative changes may be at risk of losing a substantial number of clients, forcing them to downsize their practice, with small businesses in the spotlight," he said.
"Obtaining your own license can be a compliance headache and financial burden for accountants but we can offer an easier, more supportive solution via our Authorised Representative model.
"From sole traders to firms with dual-principles or multi-partnerships, most accountants are keen to continue advising within the SMSF space.
"On average four to five accountancy firms per week are signing up with us to become authorised representatives. We expect that number to increase as the deadline nears."
AUTHOR
Nicholas O'Donoghue
Recommended for you
A Victorian accounting firm – in which Count holds a 40 per cent equity stake – has announced the acquisition of an accounting client book through a $1.4 million transaction.
Australian Ethical has reported its net profit after tax (NPAT) fell 15% to $9.6 million for the year ended 30 June, while its underlying profit after tax (UPAT) declined 7% compared with the year prior, to $10.3 million.
Insignia Financial has announced a 59% increase in its underlying net profit after tax (UNPAT) to $234.5 million in FY22.
Having completed their educational qualifications, those advisers who remain in the industry are reporting being “run off their feet” with new clients.
