Plenty Plus will be launched as an exclusive solution for unlicensed accountants to tackle SMSF advice for their clients, relieving the compliance burden since the new licensing regime commenced on 1 July 2016.
The white label service, due to be available in the third quarter of 2016, will operate under its own financial services licence (AFSL), which allows accountants to service their SMSF clients without the need to have a licence.
It is a transactional service using a pay-per-use model and does not charge upfront or ongoing fees.
Plenty Plus will provide financial advice on single topics such as setting up SMSF, buying property in SMSFs, salary sacrificing and so forth, and will be generated entirely online in under 10 minutes.
Each piece of advice will cost $99.
“The new laws imposed on accountants are clear – provide SMSF advice without a licence and you are breaking the law,” Plenty Plus founder Greg Einfeld said.
“This means a lot of accountants without an AFSL will have to refer their clients to a financial adviser, amounting to an expensive experience for the client.
“It also means the accountant loses control of the customer experience.”
Clients can also discuss the advice provided with an adviser over the phone or via video conference, for a small additional fee.
“We created Plenty Plus so accountants’ clients could access quality, affordable SMSF advice,” Plenty Plus co-founder Josh Golombick said.
“The thought of accountants losing clients due to the new regulation does not sit well with us.”