Business News

GPS Wealth grows licensing numbers

Accounting and advice licensee GPS Wealth today announced the addition of Romano Business Accountants and financial planning firm dR & Associates under its licensing solution.

Both businesses cited GPS Wealth’s client engagement tools, commitment to helping practices to grow and deep understanding of practitioners’ needs as key reasons for joining.

Romano Business Accountants, a medium-sized practice with six staff, including four accountants, has gained a limited authority from GPS Wealth, which will allow it to continue to provide advice on the establishment or winding up of SMSFs after the removal of the accountants’ exemption from 1 July.

Similarly, dR & Associates, which has a referral partnership with Romano Business Accountants, has become a full corporate authorised representatives of GPS Wealth, after switching from insurance, financial planning and lending licensee AIW Dealer Services.

Romano Business Accountants principal Iolanda Romano said the imminent introduction of the new regulatory framework for accountants pushed the practice to lock in a flexible, reasonably priced licensing solution.

In addition, dR & Associates principal and financial adviser Danielle Ryley followed Romano to GPS Wealth.

While SMSF advice only constitutes a very small part of Romano’s business, and financial advice is referred to dR & Associates, Romano said becoming licensed positioned the business strongly for future growth and allowed it to better meet clients’ changing needs.

According to GPS Wealth director Greg Holman, 125 practitioners had applied for a limited authority and 35 were licensed to date, with more expected to become licensed by the group ahead of 1 July.

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