Divisions still evident on accountant licensing

accountants/SMSF/SPAA/self-managed-superannuation-funds/financial-planners/financial-advice/accountants/director/

21 February 2014
| By Staff |
image
image
expand image

Significant differences of opinion continue to exist between planners and accountants about the benefits of the new accountants limited licensing regime, particularly with respect to self-managed superannuation funds (SMSFs). 

The divisions became clear at the SMSF Professionals’ Association of Australia conference in Brisbane, with Skeggs Goldstein director Adam Goldstein arguing that the limited licensing regime represented an opportunity for accountants to own the space, while Rogerson Kenny partner Brett Kenny urged that accountants stick to their core role and bring in planners as and where required. 

“We like to do what we do well and then leave estate planning and planning to the experts,” he said. 

Goldstein said that accountants who did not take advantage of the licensing arrangements were “looking a gift horse in the mouth”. 

Referring to accountants having been deemed “trusted advisers”, he said the licensing regime actually provided them with an opportunity to own the space. 

“What financial planners do very well is understand what a client wants to do,” he said. “Accountants can take advantage of that, with the result that it represents a combining of the best of skills.” 

Goldstein said he believed this combining of planning and accounting skills was what the future of financial advice would look like. 

However Kenny said his company was happy with the current dynamic and the manner in which it received referrals from planners. 

“If we provided planning in-house we’d lose those referrals,” he said. 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 4 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

5 months ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

2 weeks 1 day ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 6 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 4 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND