Non-institutionally owned financial planning and accounting dealer group, GPS Wealth, has launched an automated Statement of Advice (SoA) exclusively available to its authorised representatives.
According to certified practising accountant and co-founder of GPS Wealth, Greg Holman, work that previously took up to five hours will be able to produce in 30-45 minutes.
“We’re committed to partnering with accountants to adjust the removal of the accountants’ exemption and navigate the new licensing regime,” he said.
“We have developed a tool to help them meet their obligations while increasing their productivity, profitability and growth potential.”
The program presents compliant SoAs across a range of areas: establishing a self-managed superannuation fund (SMSF); borrowing to invest in real estate under a Limited Recourse Borrowing Arrangement (LBRA); transition to retirement strategy production; concessional and non—concessional super contribution strategies; and reserving strategies.
“Our focus continues to be working with professional accounting and advisory firms which specialise in SMSF advice by providing them with a turnkey licensing solution that includes coaching, mentoring and client engagement tools in addition to more traditional dealer services,” he said.
“Accountants urgently need to lock in their licensing arrangements.”
