Financial services licensing provider Accountable Financial Solutions is offering its set-up, induction and training services free of charge to accountants and accountancy firms looking to use its licensing solution to comply with the new rules starting on 1 July 2016.
The initiative has been introduced to make the transition to the new licensing regime as easy as possible for accountants as this is a new experience for them, Accountable managing director Tony Zulli said.
“Accountable is making this transition process easier by offering a special fee-free period whilst we on-board, induct, train and help accountants to create a pipeline of advice revenue opportunities from their client base,” Zulli explained.
The arrangement will remain valid until 30 June 2016, with licensing and background check fees waived for accountants who sign on to the Accountable solution until they are ready to start advising clients.
“As soon as an accountant is deemed ‘ready’ to start providing advice to clients, Accountable will start charging its licensing fees,” Zulli said.
“This may be prior to 30 June 2016. Accountable does not charge a percentage of advice revenue and accountants retain 100 per cent of any advice fees or ongoing asset fees.”
According to Zulli, Accountable has developed a secure online application process where practitioners are given certain prompts to make sure their compliance obligations are complete.
“We will prompt you where you need to provide additional documentation such as your RG 146 certificate of compliance in superannuation/SMSF,” he said.