Accountants should not regard financial planners as competitors and should instead use them to complement their existing client value proposition, a senior advisory executive has said.

Recent research on the accounting profession performed by licensing solutions service provider Accountants’ Scaled Advice Platform (ASAP) has led the firm’s chief executive to conclude the impending Australian Securities and Investments Commission (ASIC) shadow shopping exercise into SMSF advice is unlikely to expose widespread provision of unlicensed advice by accountants.

Vanguard Australia’s recently launched low-cost active funds in the local market are expected to resonate well with SMSF trustees’ need for greater control over their investments.

Online investment modelling platform provider Optimo Financial has enhanced its mathematical strategic investment modelling tool, Pathfinder, to incorporate the new superannuation legislation passed by Parliament in November last year.

Accountants and financial advisers have a critically important role to ensure that only those investors for whom an SMSF is suitable go into the SMSF sector and in doing so are fully informed.

For accountants, 2016 has been a year of interesting challenges and exciting new opportunities. As we enter a period of significant change, there are a number of considerations for accountants to take into 2017.

Accountants have a competitive edge over other professions in the age of rapid digital technology developments but must better leverage this position with clients, such as incorporating value-add services like SMSFs.

Accountants operating without an Australian financial services licence (AFSL) must ensure they remain compliant when communicating the new non-concessional contribution (NCC) rules to clients, an industry SMSF lawyer has warned.