Specialist provider of Australian financial services licences for accountants Rise Standards has experienced a large increase in interest in its offering as the deadline for the scrapping of the accountants’ exemption draws near.
“On average, four to five accountancy firms per week are signing up with us to become authorised representatives,” Rise Standards managing director Guy Thompson said.
“We expect that number to increase as the deadline nears.”
Thompson attributed the growing number of inquiries Rise Standards has received to the fact many accountants have assessed their options and concluded becoming an authorised representative is the best way for them to continue to provide SMSF advice to clients.
“Obtaining your own licence can be a compliance headache and financial burden for accountants, but we can offer an easier, more supportive solution via our authorised representative model,” he said.
“From sole traders to firms with dual principals or multi-partnerships, most accountants are keen to continue advising within the SMSF space.”
As a result of the increase in demand for its licensing services, Rise Standards has expanded its team.
“We have doubled in size and increased our staffing levels by 50 per cent to 12 employees in the past six months and expect to have 25 employees within the year,” Thompson said.
Even though Rise Standards has experienced increased interest in its licensing solution, he warned other accountants about the need to take action on this matter.
“Accountants who do not adapt to the legislative changes may be at risk of losing a substantial number of clients, forcing them to downsize their practice, with small businesses in the spotlight,” he said.