The new accountants licensing provisions are likely to grow the ranks of the financial planning industry, according to Count Financial chief executive David Lane.
Speaking at last week’s Financial Services Council (FSC) conference, Lane said he believed the new licensing arrangements replacing the accountants’ exemption represented the biggest potential for growth in the planning industry – with the potential to generate up to 10,000 new entrants.
Further, he said he believed the nature of the limited licensing requirements would convince many accountants to opt to become fully licensed.
Perpetual chief executive Geoff Lloyd agreed that the new licensing arrangements would be beneficial and that replacement of the accountants’ exemption would see as many accountants enter the planning industry as those who left.
Lane played down suggestions of antagonism between the planning and accounting communities, saying the position of the National Tax and Accountants Association (NTAA) reflected that organisation’s status as the holder of an Australian Financial Services Licence.
“The NTAA sees this as an opportunity,” he said. “They have an AFSL and what they’re trying to sell is a limited licence.”
However Lane said he really wondered how many accountants would want a limited licence.
“Many will want to be fully licensed,” he said.
