A service aimed at assisting accountants with their licensing decision around the provision of financial advice has been launched.
The facility is being provided by Licensing for Accountants and was first introduced to the market at the SMSF Association National Conference in February. It was developed in response to the continued confusion among accountants when assessing their licensing options in the future.
“So many accountants just don’t know what to do and they feel they can’t get on that road to make a decision,” Licensing for Accountants chief executive Kath Bowler told selfmanagedsuper.
“As such, the first part of the business is about trying to get accountants on the right licensing journey for them and then longer term we’ll build out some ongoing support and services, particularly to make self-licensing options more applicable.”
The Licensing for Accountants service is a low-cost, web-based offering starting with a quiz to determine the current situation of an accounting practice in the context of the licensing options available.
“It’s all about getting them to focus on their business to establish where they are and where they are going, so they don’t start with asking themselves whether or not they are going to get a licence and get authorised to give financial advice,” Bowler said.
A report is produced subsequent to the completion of the quiz, showing the accountant where they are at and whether they are more suited to obtaining their own licence or becoming an authorised representative of an existing licensee.
In addition, the service identifies the support services, such as paraplanning or marketing, that are more relevant for the practitioner to assist them with the decision on which licensing option to choose.
“The next service along is a matching service where we’ve gone to all of the major licensees that have an accounting offer and will do an analysis of which solution is right for the practitioner, and on the back of that recommend two or three licensees we think are going to be a good fit,” Bowler said.
Licensing for Accountants has also produced a starter kit in conjunction with the SMSF Association.
“This includes the matching service or if you want to get your own licence, we’ve secured an arrangement with The Fold and Holley Nethercote to provide self-licensed support,” Bowler said.
While a licensee matching facility was being provided, she stressed the service was completely independent.
