GPS Wealth picks up two new practices
Specialist financial services dealer group, GPS Wealth, has picked up a financial planning practice as well as an accounting firm in the lead up to the removal of the accountants' exemption on 1 July.
Brisbane-based medium-sized accounting firm, Romano Business Accountants, has gained a limited authority from GPS Wealth in order to continue compliantly providing advice on the establishment and winding up of self-managed superannuation funds (SMSFs).
Principal, Iolanda Romano, said the new regulatory framework for accountants drove the firm to find a reasonably-priced licensing solution.
"Under the new rules, I needed to complete additional training which I did through GPS Wealth before deciding to become authorised by them," Romano said.
"I'd looked at several other dealer groups but they were either focused on large accounting firms or represented low value for money."
Financial planning practice, dR and Associates, which has a referral partnership with Romano Business Accountants, has switched from insurance, financial planning and lending licensee, AIW Dealer Services, to become an authorised representative of GPS Wealth.
Despite SMSF advice comprising a very small part of Romano's business, and financial advice is referred to dR and Associates, Romano said the move to GPS Wealth allowed for future growth.
AUTHOR
Malavika Santhebennur
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
