Count Financial launched an online facility today that will assist accountants who are considering obtaining an Australian financial services licence (AFSL) to provide financial advice to SMSF clients in gaining a better practical understanding of what the process involves.
The new tool provides accountants with a guide to the steps they will need to complete on the way to obtaining their AFSL if they choose to do so.
In addition, accountants can use the application to plot each of the necessary steps into a timeline that will enable them to estimate how long each stage may take and when they are likely to complete the work required.
The timeline is dynamic in nature as Count has incorporated the work ebbs and flows of a standard accounting practice, meaning busy periods where the accountant’s productive capacity will be reduced have been considered, making the tool more realistic.
“It does feel like accountants are ready to engage, which is good, but they’re not exactly sure how to engage as providing financial advice under a licensed regime is really different to what they are doing today,” Count Financial chief executive David Lane told selfmanagedsuper.
“I think they’re looking for some practical next steps to find out how they get from where they are to where they need to be.
“So we wanted to put something together that was simple to use, which took into account the challenges that accountants have during the running of their own business and then help them think about the steps they need to take, how long those steps will take, and how those steps interact with what else is happening in their business.”
Accountants who register to use the online tool will also have access to industry white papers about licensing as well as references to other areas where they can obtain further information on the subject.
“I think we’ve created something which is quite actionable, which I think will be well received,” Lane said.
He added the tool should help accountants from a behavioural perspective through its ability to break down the process into a series of smaller deadlines they should aim to meet before adhering to the ultimate licensing deadline of 1 July 2016.
The facility would also allow accountants to work towards the 2016 deadline with a complete package of information, which had been missing to date, he said.
Moreover, the tool was designed to help accountants understand how little time they had to do everything necessary to obtain an AFSL before the required date, he said.
“In starting up your own licence there are a lot of steps that take a lot of time and a lot of thought, and when accountants put them into their cycle they may realise there aren’t many months to go and depending on how fast or slow they can work they may begin to say ‘I may not make the deadline of 1 July 2016’,” he said.
The new tool is available via the Count Financial website and accountants can register to use it free of charge.
Lane pointed out the facility was purely educational and while it was developed in line with Count Financial’s licensing offering, Accountants’ Solution, the firm was not looking to attract new authorised representatives through its use.
“We’ve been servicing accountants for 30 years and we think it’s important to take a stand to help them as I think they generally need help in regard to understanding this process in a more granular and more actionable way,” he said.
