The looming 1 July 2016 deadline has sparked a jump in the number of accountants looking to become licensed, with one specialist financial services dealer group already doubling its courses due to the spike in demand.
“Demand for RG 146 courses is already ramping up and there’ll be an explosion of accountants looking to become licensed for the first time ahead of 1 July 2016,” GPS Wealth director Greg Holman said.
“Accountants who get licensed early can get a big jump on their competitors and demonstrate that they are a true leader in the accounting profession.”
GPS Wealth revealed in order to keep up with the demand, it had doubled the number of RG 146 courses it offered.
From August, the group will run two courses a month that cover the three key areas of generic knowledge, superannuation and SMSFs.
GPS Wealth currently had limited and full authority licences on offer, with the limited option the most popular to date.
“Accountants are busy so they like the fact that they can knock over the RG 146 course in an intensive two-day workshop and have an enjoyable learning experience in the process,” Holman said.
GPS Wealth also offers an induction program, which details the regulatory compliance framework and what will be required of accountants after 1 July 2016.
The program also examines the financial planning opportunity and the various practical options for accountants to offer comprehensive wealth management advice to their clients.
“The new licensing requirements should be seen by accountants as a tremendous opportunity to expand their service offer, provide a more holistic advice proposition, diversify and lift their revenue, and boost the valuation of their practices,” Holman said.
“A good-quality adviser and accountant working together is a very powerful proposition for the client and will deliver improved outcomes.
“Accountants who partner with an independently owned dealer group and/or suitably qualified adviser may also derive a significant increase in revenue.”
GPS Wealth currently provides licensing and dealer services to over 100 financial advisers and 70 accountancy firms nationally.