Accountants are likely to look at the self-managed superannuation funds (SMSFs) market from a different perspective from 1 July, 2015, and are more likely to look at opportunities to partner with financial advisers, according to an analysis published by major insurer Zurich.
The analysis, published in Zurich's latest online newsletter, pointed to the changes inherent in the Future of Financial Advice (FOFA) legislation and the new limited licensing regime, including the fact that professional fees for financial planning services provided by accountants cannot be expressed as a percentage of asset value.
As well, it pointed out that from 1 July, 2018, commissions on life insurance and loans can no longer be accepted.
"This will require accountants who provide financial planning services to develop new business models and partnerships," the analysis said.
"Both reforms described are likely to drive change in the way accountants view the SMSF market, which in turn is likely to see an increased desire to partner with licensed advisers.
"Relationships of this nature aren't built overnight, so now could be the time to start strengthening existing ties you [financial advisers] have with accountants or forging new ones," it said.
The analysis said accountants had traditionally played a leading role with SMSFs given the compliance focus of ongoing activities that were required, such as auditing and reporting.
"However, there still remains plenty of room for advisers to tap into this opportunity – especially given many SMSF members are in an age bracket where they could benefit from advice," it said.
Originally published on SMSF Essentials.
