Independent financial services licensee Capstone has partnered with the Tax Institute to provide educational, support services and a licensing option for members of the professional body seeking to provide financial advice under the new Future of Financial Advice rules.
Specifically, under the new agreement Capstone will form a dedicated accountants’ support team to help Tax Institute members obtain the appropriate authorisation under the new rules as well as run education sessions in most capital cities, ensuring members are armed with all of the necessary information about the new regime.
“We’re delighted to announce this business alliance with the Tax Institute,” Capstone managing director Grant O’Riley said.
“Many accountants are beginning to realise that the removal of the accountants’ exemption is not going to go away.
“As a leading independently owned licensee, Capstone is one of the few national providers that provide accountants with a ‘one-stop shop’ for all their authorisation and business support needs.
“Unlike other providers, we are not aligned to any bank, fund manager or financial institution and from our discussions, this is a quality that many accountants value.”
The announcement of the business alliance comes at a time when accountants are still unsure what the new licensing requirements entail and the decisions they need to make and actions they need to take to comply with them.
After 1 July 2016, accountants will need to either hold an Australian financial services licence or operate as an authorised representative of an existing licensee to provide financial advice to SMSF clients.
