AccountantsIQ enters SMSF licensing space
With the clock ticking for accountants working in the self-managed super funds (SMSF) sector to be licensed by 1 July 2016, yet another group has moved in to the licensing provision space.
AccountantsIQ said it had launched its new business offering aimed at accountants who want to remain independent and in control of their practice, as they transition into the limited licensing environment.
AccountantsIQ Director, Bronny Speed, said the service has been primarily targeted at the 10,000 accountants actively involved in the SMSF sector, providing them with a non-institutional option for obtaining and retaining their own limited Australian Financial Services Licence (ASFL).
"We launched the AccountantsIQ SMSF service because we saw a gap in the marketplace for a solution to help independent accountants transition to the new licensing environment without letting go of their independence and control," Speed said.
As part of its service, AccountantsIQ provides accountants with both pre and post licensing support. Not only does it assist accountants obtain their licence and meet their licensing obligations, it also provides advice related templates, as well as ongoing technical support, updates and training in relation to SMSFs.
"Phase one is the pre 30 June 2016 deadline for obtaining an AFSL," said Speed. "This involves providing a referral to our preferred education providers to meet RG146 and RG105 requirements; hands-on assistance with a client's limited AFSL application; and business integration support and guidance regarding systems, office procedures and structure to maximise their SMSF solution."
Phase two is the ongoing support package provided to accountants post 30 June 2016. This includes AFSL compliance, advice templates and business integration plus SMSF technical support and training.
To provide these services, AccountantsIQ has gathered together some of the industry's leading specialists to ensure all ongoing support is market leading. The AFSL compliance and licensing support is provided by Brett Walker from SMART Compliance, the technical support is provided by Leigh Mansell at Heffron SMSF Solutions, while the advice templates and business integration is provided by Chartered Accountant and Certified Financial Planner, Bronny Speed. Melissa Ash will steer up the business development and marketing side of the business.
"AccountantsIQ brings together experienced, non-institutionally aligned financial services professionals," Speed said. "Whilst accountants to date have been slow on the licensing uptake, it is crucial that accountants realise that come 1 July 2016, the current exemption on offer through being a member of one of three professional bodies will no longer exist. So, acting now to obtain a Limited AFSL will save accountants from additional pain when the transition period ends.
"As AccountantsIQ is an independent company providing licensing support for accountants who also want to remain independent, we believe we can provide the transitional licensing and ongoing support accountants need in order to continue working in the SMSF sector from 1 July 2016."
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