GPS Wealth picks up two new practices
Specialist financial services dealer group, GPS Wealth, has picked up a financial planning practice as well as an accounting firm in the lead up to the removal of the accountants' exemption on 1 July.
Brisbane-based medium-sized accounting firm, Romano Business Accountants, has gained a limited authority from GPS Wealth in order to continue compliantly providing advice on the establishment and winding up of self-managed superannuation funds (SMSFs).
Principal, Iolanda Romano, said the new regulatory framework for accountants drove the firm to find a reasonably-priced licensing solution.
"Under the new rules, I needed to complete additional training which I did through GPS Wealth before deciding to become authorised by them," Romano said.
"I'd looked at several other dealer groups but they were either focused on large accounting firms or represented low value for money."
Financial planning practice, dR and Associates, which has a referral partnership with Romano Business Accountants, has switched from insurance, financial planning and lending licensee, AIW Dealer Services, to become an authorised representative of GPS Wealth.
Despite SMSF advice comprising a very small part of Romano's business, and financial advice is referred to dR and Associates, Romano said the move to GPS Wealth allowed for future growth.
AUTHOR
Malavika Santhebennur
Recommended for you
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.
Australia has marked a decade among the best countries for retirement, according to Natixis, but with high inflation threatening their retirement goals, a third say they would get professional advice to improve their chances.
When it comes to the risks of acting as a responsible manager at an AFSL, compliance firm Holley Nethercote has shared a range of red flags that could see them facing disciplinary action from the corporate regulator.
Wealth management platform provider Netwealth has announced a partnership with FinClear to streamline trading capabilities for advisers.
