Dealer group My Adviser has announced the launch of a specialist package for accountants, which it claims will go beyond the proposed legislation.
Under the proposed removal of the accountant's exemption, accountants will have to obtain a limited Australian Financial Services Licence if they wish to continue to provide advice around self-managed superannuation funds (SMSFs) and superannuation.
"[The package] offers professional indemnity (PI) insurance to accountants and will also allow them to provide some strategic advice to clients on SMSFs, including on basic deposit products and cash management accounts," said Philippa Sheehan, managing director of My Adviser.
The new offering will offer a flat-fee pricing model and the option of a weekly payment for PI insurance, in addition to ongoing support and education for accountants.
With the Institute of Chartered Accountants estimating that up to 10,000 accountants will be looking to take advantage of the current legislative changes to move into the sphere of SMSF advice, Sheehan said there was a significant opportunity for accountants to license themselves sooner rather than later.
"We feel very strongly that accountants should be able to get the correct licensing easily. We have no links with any bank or insurance company, and we see this as a competitive advantage as institutional aggregation continues in the industry," Sheehan added.
