The expiration of the accountants exemption for advising on self-managed superannuation funds (SMSFs) has seen the number of accountant enquiries grow while the perceived negatives of licensed financial advice has also reduced.
Such was the opinion of InterPrac Financial Planning, whose national practice manager, Michael Gershkov, said the number of requests by accountants to join the organisation since the beginning of the year would see the dealer group reach over 200 advisers by 31 December.
The dealer group also said its relationship with the National Tax and Accountants’ Association (NTAA) had increased the number of accountant enquiries.
“Many accountants that opted for a partial AFSL [Australian financial services licence] have realised the obligations weren’t as onerous as first thought and in fact the full license would have been more appropriate,” Gershkov said.
He added the accountant industry was seeing a major structural change irrespective of the exemption which came into effect on 1 July, due to changing client behaviour and expectations, rising costs, impact of technology, and growing pressure on revenue streams and margins.
“As accounting businesses morph into advisory businesses, wealth management and financial planning will be a key offering required by clients and in turn, needed to underpin and position these practices for sustainable long term future financial success,” he said.
