As part of Money Management's new Practice Management Series, we profiled a company that is helping accountants give self-managed superannuation fund (SMSF) advice under limited Australian financial services licences (AFSLs), following the scrapping of the accountants' exemption on 1 July 2016.
AccountantsIQ, co-director, Bronny Speed, said the firm launched its packages to the market as it found that accountants wanted streamlined and practical solutions to produce advice documents under their own new limited AFSLs.
She believed AccountantsIQ was possibly the only firm in Australia that was providing user-friendly and easy to understand, compliance support, legal advice, technical training, ongoing support and advice templates all under the one roof to accountants.
The offering came as accountants wanted to focus on looking after their clients, and have minimal business disruption, she said.
They created advice templates that were user friendly, easy to understand and could importantly be easily tailored and changed by the accountant as they provided advice.
"We also think you need a really strong compliance background, and so we've added that to the kit bag of goodies. And the third part is that we have really strong ongoing technical support. With all those things together we believe we've got a unique package in the marketplace to help accountants with these new rules", she said.
AccountantsIQ said it expected more accountants to flood in as the Australian Securties and Investments Commission had been inundated with applications for limited AFSLs.