Since the expiration of the accountants’ exemption on 1 July, accountants have realised the benefits to clients of licensed financial advice far outweigh any perceived negatives, according to an accountant-focused licensee.
InterPrac Financial Planning managing director Garry Crole said as a result of the group’s relationship with the National Tax and Accountants Association and its industry reputation, it had attracted a growing stream of inquiries and new practices, with the number of advisers expected to reach over 200 by 31 December.
The licensee’s national practice manager, Michael Gershkov, noted although regulations might have changed, accountants continued to take immense personal and professional pride in their role as the trusted adviser in the financial services arena.
“Many accountants that opted for a partial Australian financial services licence have realised the obligations weren’t as onerous as first thought and, in fact, the full licence would have been more appropriate,” Gershkov said.
“As accounting businesses morph into advisory businesses, wealth management and financial planning will be a key offering required by clients and, in turn, needed to underpin and position these practices for sustainable long-term future financial success.
“InterPrac’s compelling accountant-focused and specialised marketplace offering has been developed especially to support accountants to provide professional compliant advice and services to their clients.”
He stressed that from its inception over 12 years ago, the group’s offering was “not a one-size-fits-all” off-the-shelf solution imposed on accountant advisers and instead acknowledged that each accountant adviser was unique, and by working in partnership the InterPrac offering was adapted to the individual needs of the practitioner whether they be risk insurance specialists, estate planning experts, SMSF consultants or aged-care advisers.
“It is a flexible solution for advisers and we pride ourselves on having an integrated and practical approach to our service and support offering, hence the name InterPrac Financial Planning,” he said.
Looking to the future, Crole said he was confident the national licensee would continue to go from strength to strength, which would be reflected in more and more accountant advisers joining the group across Australia.
