More accountants are expected to adopt platform administration support services thanks to the need to hold an Australian Financial Services Licence (AFSL) to advise self-managed superannuation funds (SMSFs), according to OneVue.
OneVue’s April SMSF accountant report found when choosing a digital platform, simplicity of use and good tax reporting facilities were the two most desired factors.
As accountants wanting to provide SMSF advice will need an AFSL by 30 June 2016, OneVue found 87 per cent are advising on SMSFs, but only eight per cent currently hold AFSLs.
The survey also found the majority still want to provide SMSF advice either through themselves or through someone else when the new regime starts.
OneVue’s head of platform services, Lisa McCallum, said the SMSF trustee appetite to use and pay for an investment platform is at the highest level ever.
“With less than a year left until the present accountants’ exemption expires, accountants need to not only know what financial product advice is, but to also understand how to administer and provide it,” she said.
“As accountants with SMSF clients gain AFSL licences or partner with existing licence holders, they will favour an efficient platform solution that can provide them with everything they need to service their clients.”
