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.
Recommended for you
As ASIC looks to publish firm-level data on the internal dispute resolution regime, a compliance professional has warned it could have unintended consequences, such as under-reporting.
Selfwealth’s acquirer, Syfe Group, has said the firm is hopeful of opportunities from the mass affluent population as it believes a gap exists between DIY brokerage and financial advisers.
Rose Partners, which has a strategic partnership with AZ NGA, has purchased an advisory and accounting business based in Queensland to drive its expansion.
Having already completed three major sales, Iress has announced its latest divestment following a strategic review conducted during its transformation program.