Accountants get help with licensing transition
With less than 18 months until new licensing arrangements come into force, former AMP executive, Kath Bowler, is aiming to help accountants identify their Australian Financial Services Licensing (AFSL) needs.
Bowler's professional service firm, Licensing for Accountants, is the latest provider to support accountants to "navigate the complex licensing regime brought about by Future of Financial Advice reforms", by providing a diganostic tool to help identify the best licensing solution of the individual accountant's needs.
"Up to half of accountants impacted still don't know what they plan to do about licensing," she said.
"They're not in a position to make an informed decision. Every accountant and practice is unique and there are a range of options available, adding to the confusion.
"There are many opportunities for accountants to have the business they want and it's essential that their business model drives their licensing decision and not the other way around. We're encouraging accountants to think about where they want their business to be in three to five years' time.
"Licensing for Accountants was developed to fill this gap; we have the knowledge and the structure to help them find the right licensing solution to meet their needs."
Bowler said there was "considerable licensing misinformation in the market with little structured guidance".
"This is concerning given the looming July 2016 deadline," she said.
The launch of Bowler's new firm follows reports that around 50 per cent of accountants who have sought to obtain a licence have failed in their application, while SMSF Association chief executive, Andrea Slattery, said accountants remain nonplussed about the transition because they are unfamiliar with the ASFL world.
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