Class has announced its latest partnership with online financial product advice provider Accountants Scaled Advice Platform (ASAP) to support its accountant users with the cost of complying with financial licensing laws, following the removal of the accountants’ exemption.
ASAP is a purpose-built advice suite that can replace the product advice accountants gave under the former exemption.
The integration meant Class users could maintain momentum and reduce costs, while shifting the burden of delivering compliant product advice to someone else, ASAP chief executive Jim Hennington said.
“We estimate that each year, a quarter of SMSFs will need written product advice to support the transactions accountants help with, including set-ups and pensions,” Hennington noted.
“The integration with Class makes it simpler for accountants to adhere to their increased licensing rules, using technology to drive down the cost and maximise ease of use.”
Further, the advice scoping tool built within ASAP has been vetted and endorsed by expert licensing lawyers so accountants can be confident in using the service and embedding it into their SMSF processes.
Seamless integration between Class and ASAP also means unlicensed accountants can continue to give exempt tax advice and execution-only services to SMSF clients with minimal disruption.
Class chief executive Kevin Bungard welcomed ASAP as its latest partner.
“Our integrations with automated advisers are a prime example of how cloud-based SMSF administration opens up valuable, complementary service add-ons for accountants,” Bungard said.
ASAP also offers a free SMSF compliance tool for accountants that distinguishes what can and cannot be discussed with their client without an Australian financial services licence (AFSL), as well as when to request a statement of advice from an adviser.
The scaled advice business also worked with a senior AFSL partner from national law firm Mills Oakley to design the licensing solution to make sense to accountants.
