IPA partners with MLC and AXA
The Institute of Public Accountants (IPA) has announced a partnership with AXA and MLC to provide its 22,000 members with a comprehensive financial services package.
This is partly in response to the removal of accountants' exemption under the Future of Financial Advice (FOFA) reforms. It is also in response to other headwinds within the industry such as compliance, technology costs and tax reform, the groups stated.
Under the planned FOFA reforms accountants will need to partner with a licensed financial adviser, obtain their own licence or become an authorised representative of a licensee to continue to provide advice on the establishment of a self-managed super fund (SMSF).
"Research shows 84 per cent of accountants currently have clients with an SMSF," said AXA's national development manager SMSF advice Kath Bowler. "And while some offer comprehensive SMSF services, many only provide one or two elements," she said.
Accountants will now be able to choose from five licensing solutions: three from AXA and two from MLC. Once qualified, members will have the ability to advise clients in relation to the establishment and closure of SMSFs; advise on assets (including direct property), financial planning and life risk; and give general financial advice in relation to superannuation.
The institute's chief executive officer, Andrew Conway, said the service will enable IPA members to provide a full range of financial planning and financial advice services to their clients.
The arrangement will also provide AXA and MLC with increased access to accounting clients.
Recommended for you
The Australian Financial Complaints Authority has reported an 18 per cent increase in investment and advice complaints received in the financial year 2025, rebounding from the previous year’s 26 per cent dip.
As reports flow in of investors lining up to buy gold at Sydney’s ABC Bullion store this week, two financial advisers have cautioned against succumbing to the hype as gold prices hit shaky ground.
After three weeks of struggling gains, this week has marked a return to strong growth for adviser numbers, in addition to three new licensees commencing.
ASIC has banned a Melbourne-based financial adviser who gave inappropriate advice to his clients including false and misleading Statements of Advice.
