Accountants still worried about advice

Accountants remain concerned about how they are going to execute their SMSF business in light of the new advice education standards and the limited licensing regime, according to AccountantsIQ.

AccountantsIQ director and founder Bronny Speed told a media briefing in Sydney last week that her firm is engaged in training accountants with a limited licence to advise on SMSFs and follow record-keeping protocols required of advisers.

“Because our view is if ASIC (Australian Securities and Investments Commission) comes in and you’ve got a demonstrated record that you’re at least trying to help your staff, you’ve got a much better chance than if you do nothing,” Speed said.

The firm assists in creating financial services guides, fact finds and statements of advice for accountants who want to service, for example, a doctor who is contemplating buying a property to establish their medical practice, with Speed adding this process is causing angst among accountants.

“I don’t think a lot of accountants are setting up funds willy-nilly and I’ll be really disappointed if that comes out because I don’t think they are,” she said.

“Where I think accountants could get caught is that their record-keeping of this whole financial planning process, they’re finding hard. That’s a statement of fact.”

She also recommended accountants should not be providing general advice, but warned they should not provide personal advice under wholesale rules or general rules.

“You tell me what person in the marketplace will go and see a chartered accountant at $350 an hour and expect general advice,” she said.

Accountants can avoid running into difficulty and can provide enhanced service if they follow basic guidelines, she said.

Copyright © SMS Magazine 2024

ABN 43 564 725 109

Benchmark Media

Site design Red Cloud Digital