Accountants urge SMSF advice ability
Any device the Federal Government introduces to replace the accountants' exemption must provide accountants with the ability to provide general financial advice, according to the Institute of Public Accountants (IPA) chief executive, Andrew Conway.
Speaking just days out from an expected announcement by the Minister for Financial Services and Superannuation, Bill Shorten, Conway said the IPA was advocating a licensing solution which recognises the experience and training of accountants and which allows them to talk about all aspects of superannuation, including self-managed super funds (SMSFs), but not necessarily a specific fund choice.
As well, he said any licensing regime must allow accountants to provide general financial advice.
However, Conway said the changes evolving out of the Government's Future of Financial Advice (FOFA) changes were such that accountants should review their business models and consider how any amendments to the accountants' exemption might impact them.
"Accountants in practice servicing their clients in the SMSF space should consider reviewing their business model and assess how the announcement of the accountants' exemption is likely to impact them, their business and clients," he said.
"We believe that opportunities exist for those practices willing to make the leap beyond tax and compliance work.
"It is not just about responding to the FOFA reforms; it is about responding to client demands for more holistic, strategic and value-adding financial advice from their trusted advisers; it is also about responding to the challenges and opportunities in our constantly changing environment," Conway said.
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