Count Financial has launched its licensing solution for accountants providing financial advice, based on an annual fee of $10,000 for firms with at least one fully authorised representative and $5,000 for those with only accountant authorised representatives.
At the same time, Count chief executive David Lane confirmed that the firm would be supporting adherence to the APES 230 standard and was working with the major accounting bodies to ensure this was achieved.
The so-called “Accountants’ Solution” was unveiled by Lane who said he believed it provided flexible options to accountants impacted by the removal of the accountants’ exemption and was something that would allow a smooth transition to the new regime.
He said the solution provided two options – Accountant Authorised Representative covering those accountants wanting to provide self-managed super fund (SMSF)-only advice; and Authorised Representative, delivering full authorisation status allowing accountants to provide comprehensive financial advice.
Discussing the pricing of Count’s approach, Lane said it had been carefully developed to achieve a balance based on the level of SMSF business undertaken by client firms and the need for Count to get a satisfactory rate of return.
“We feel we’ve achieved that and that we are below the market, making it a very attractive proposition,” he said.
Lane acknowledged that while accountants had until 2016 to make up their minds regarding the new licensing regime, they needed to be mindful of capacity constraints in the event that there was any last minute rush, particularly with respect to limited authorisations.
