Accountants stalling on licensing risk losing SMSF clients: AFSL
Many accountants are still unsure of what to do when it comes to maintaining their ability to advise on self-managed superannuation funds (SMSF), once the Accountants' Exemption expires on 30 June 2016, a financial licensing firm claims.
Joining the growing number of Australian Financial Services Licence (AFSL) holders offering accountants with the opportunity to become authorise representatives, Rise Standards (RS), managing director, Guy Thompson, said a large numbers of accountants have sought to join the RS network, to maintain their SMSF advice business.
"Accountants who do not adapt to the legislative changes may be at risk of losing a substantial number of clients, forcing them to downsize their practice, with small businesses in the spotlight," he said.
"Obtaining your own license can be a compliance headache and financial burden for accountants but we can offer an easier, more supportive solution via our Authorised Representative model.
"From sole traders to firms with dual-principles or multi-partnerships, most accountants are keen to continue advising within the SMSF space.
"On average four to five accountancy firms per week are signing up with us to become authorised representatives. We expect that number to increase as the deadline nears."
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