Questions on accountants licensing remuneration
Accountants who take up the opportunity to provide advice under new limited licensing arrangements via an Australian Financial Services License-holder will need to accept changes to how they are remunerated.
That is the assessment of a number of dealer group executives who have told Money Management they believe not enough accountants considering the new licensing arrangements will have understood that their fees will have to flow via the licensee's arrangements.
They said it was likely many accountants examining their options under the limited licensing regime will not have considered the remuneration implications which will flow from the changes and the departure it would represent from their usual bill practices.
The executives said that licensees would, in turn, have to consider how those fees would be reflected in terms of broader turnover.
"There are a number of issues that have not been fully canvassed in terms of accountant limited licensing, not the least of which being professional indemnity insurance cover," one executive said.
Recommended for you
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
Private market secondaries manager Coller Capital has unveiled a new education platform to improve advisers’ and investors’ understanding of secondaries.
