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GPS Wealth unveils SOA tool

Independent planning and accounting dealer group GPS Wealth has launched an automated statement of advice (SOA) tool that enables accountants to meet their obligations under the licensing regime and increase their productivity, profitability and growth potential.

The SOA tool, available exclusively to GPS Wealth limited authorised representatives, will cut down the time it takes accountants to produce advice documents by around 80 per cent.

It produces clear, concise and compliant SOAs in five key areas of establishing an SMSF: borrowing to invest in real estate under a limited recourse borrowing arrangement, implementing a transition-to-retirement strategy, concessional and non-concessional super contribution strategies, and reserving strategies.

In addition, it features corresponding guidelines and checklists to help accountants confidently meet their responsibilities under the regulator’s new licensing regime.

The dealer group said a final step in the process was the creation of a strategy paper for clients to sign, confirming they understood and accepted the advice they had been given.

GPS Wealth director and co-founder Greg Holman explained that a complex SOA might have previously taken five hours to prepare, but could now be as quick as 30 to 45 minutes with the new tool, which would significantly lift practice efficiency, lower costs and free accountants to spend more time in front of clients.

“We’re committed to partnering with accountants as they adjust to the removal of the accountants’ exemption and navigate the new licensing regime, which is why we developed a tool to help them meet their obligations while increasing their productivity, profitability and growth potential,” Holman said.

“Our focus continues to be working with professional accounting and advisory firms which specialise in SMSF advice by providing them with a turnkey licensing solution that includes coaching, mentoring and client engagement tools, in addition to more traditional dealer services.”

GPS Wealth will run a series of workshops and webinars over the next few weeks to coach accountants on how to use the SOA tool.

The dealer group continues to run professional development courses to help practitioners understand their licensing needs and requirements under the government’s new regulatory framework, and build their skills and competency in key knowledge areas, including SMSF, insurance, lending and strategic advice.

“With ASIC’s deadline less than three months away and the regulator recently reaffirming that it won’t be offering an extension, accountants urgently need to lock in their licensing arrangements,” Holman added.

Last week, financial planning software provider Midwinter announced a partnership with Licensing for Accountants to provide tailored compliance and advice technology for its limited licence holders.

SOAs have been incorporated into Midwinter’s AdviceOS software, catering for simple advice to be produced in under an hour, with the resulting SOA typically containing no more than 10 pages.

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