My Adviser launches specialist authority
On the back of changes announced as part of the Future of Financial Advice (FOFA) guidelines, My Adviser has announced the launch of a specialist authority to enable accountants to continue to recommend and provide advice on self-managed super funds (SMSFs).
The adviser group pointed out that under current laws accountants can provide advice on SMSFs without having to hold an Australian Financial Services Licence (AFSL).
However, the proposed removal of the exemption under the FOFA guidelines will force accountants to obtain an AFSL if they want to continue providing SMSF-specific advice.
In response to the proposed change, Philippa Sheehan managing director of My Adviser said she was very pleased to be able to offer accountants a comprehensive solution to the changes.
"The package we have developed will go beyond existing legislative exemption," she said.
"It offers professional indemnity insurance to accountants and will also allow them to provide some strategic advice to clients on SMSFs, including on basic deposit products and cash management accounts.
"Our package is competitively priced, with a flat fee and the option of a weekly payment for professional indemnity insurance and ongoing support and education."
And with the Institute of Chartered Accountants in Australia estimating that up to 10,000 accountants will be looking to take advantage of the current legislative changes to move into the sphere of SMSF advice, Sheehan said that there was a significant opportunity for accountants to licence themselves sooner rather than later.
"At My Adviser, we feel very strongly that accountants should be able to get the correct licensing easily," she said.
"We have no links with any bank or insurance company, and we see this as a competitive advantage as institutional aggregation continues in the industry.
"Better informed investors are increasingly seeking out services that are free of 'product manufacturer' influence, and our accountant licensing package will help accountants provide that unfettered advice."
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