Independently-owned advisory firm Fortnum Financial Group (Fortnum) has moved into the accounting space with a new business, Fortnum Professional Strategies.
The new venture is headed by head of strategic development at Fortnum Private Wealth, and chartered accountant and business coach, Scott Charlton.
The new business aims to provide class of product licensing and complementary services addressing Fortnum's belief that the majority of accountants are still unsure about whether they would apply for a full or limited Australian Financial Services licence; join an established dealer group; or partner with an advisory firm, and not grasping the timeliness of the decision making.
Charlton commented: "Many wrongly believe they have a lot of time to figure it out but what they don't realise is that there's more to it than just licensing. They may need to undertake additional study so they can't afford to leave it much longer before committing to a course of action."
Services include education, training and business coaching to aid accountants in understanding and meeting their obligations under the government's new regulatory framework, along with tailored licensing options for accountants, comprehensive licensing and dealer services are on offer via Fortnum Private Wealth to financial advisers.
"With the removal of the accountants' exemption on July 1, 2016, many organisations have launched a licensing solution for accountants but licensing alone won't ensure that accountants and their clients are better off under the new regime...in addition to licensing, we want to give accountants clarity and direction around their business model," Charlton said.