Accountants delay could mean advice shortfall
Advice in the self-managed super funds (SMSF) space could see disruption if accountants do not make a decision on licensing arrangements before the accountants' exemption is scrapped next year.
AMP SMSF heady of policy, technical and education services Peter Burgess expressed concern at a roundtable luncheon that if accountants do not start initiating the application process now, there could be a shortfall in the advice available to SMSF trustees.
"My issue is you'll see less advice being given to SMSF trustees. Already, we've got a situation where in my view (and I said this at the SMSF Association conference), we're improving but we're still a long way away from everyone having access to confident SMSF advice when they need it," Burgess said.
Burgess said he is trying to get the message across that time is running out and accountants need to decide whether they are going to get a licence at all, whether it will be a limited licence, or whether they will become authorised representatives.
"I don't know what else can be done. I think they're [accountants] getting tired of hearing it to be honest. I know at the SMSF conference it was raise a number of times and I did a session on the last day where I raised it again and I felt guilty for having to say it again," he said.
Three quarters of SMSF trustees are advised at AMP, while 25 per cent are self-directed clients, who engage with AMP directly.
SMSF clients use financial planners or accountants in equal numbers, AMP SMSF managing director Natasha Fenech said.
AUTHOR
Malavika Santhebennur
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