Whilst I am qualified as a chartered accountant, financial adviser and SMSF specialist and hence do not have the problem that most accountants have. The comment that I hear most often from clients is "the old accountant would not give me any advice". I then have to explain that they are not qualified to do so. It is clear to me that when a client gets their super fund financial statements prepared that they are expecting some advice on the performance and investments of the fund. They cannot get this under the current system. It needs a full review and FASEA needs to understand that highly qualified and ethical accountants do not need to sit an ethics exam so that they can advise. When I prepare company financial statements I provide management advice but if I do not have special qualifications I cannot provide this with super funds. Ridiculous. At the same time the quality of the tax advice that I see from many financial planners leaves a lot to be desired. The playing field is not level and the only people to suffer are the clients.
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