Are you an Accountant?

Big changes are coming July 1st 2016

Get your Accountants licence today with an independently owned Licensee who can help you with end to end solutions for SMSF clients

Do you provide SMSF establishment advice?

The current accountants licensing exemption allow Accountants to provide advice on the establishment of self managed superannuation funds (SMSF) without the need for authorisation under an Australian Financial Services Licence (AFSL). This exemption is removed from 1 July 2016.

What are your options?

At the end of the transition period, accountants must choose between the following options to continue to provide SMSF advice to their clients:

  • Apply for a limited AFSL
  • Become a representative of an existing AFSL
  • Refer SMSF advice to an authorised representative
  • Cease to provide SMSF advice

What Are The Pros & Cons Of Each Option?

OptionProCon
Refer to an authorised representative
  • No additional training or cost for becoming authorised
  • May undermine the accountant relationship with the client
Obtain a limited AFSL and appoint your own representatives
  • Take advantage of the waiver of experience requirement under the licensing obligations (until 1 July 2016)
  • Extra administrative, cost and compliance burden
  • Ongoing liability of AFSL
  • Advice limited to SMSF and class of financial product advice
  • Responsible for monitoring and supervision of representatives
Become an Authorised Representative of an AFSL
  • Allows you to continue to provide SMSF advice without additional burdens of own AFSL
  • Can choose additional advice areas if you require
  • Access to licensee support services
  • Training and education requirements to come a Representative
Cease to provide SMSF advice
  • Only suitable if SMSFs are not part of your business

Have any questions?  Call us!  (07) 5560 2300

Ok, so I would like to become an authorised representative

If you do decide to become authorised, any Accountants providing advice as an authorised representative will need to meet relevant obligations under the Corporations Act. This will include:

  • A review of your existing training
  • Use of a Financial Services Guide and Statement of Advice documents
  • Being able to demonstrate that the advice is in the best interest of a client
  • Having a complaints handling policy and holding professional indemnity insurance

MyPlanner can help you take advantage of the support, systems and processes so you can focus on what you are good at….helping your clients.

Can MyPlanner help me with any training I may need?

Yes! In order for you to become an authorised representative, you will need to undertake training in line with ASIC regulatory guide 146. If you have not got the right training or SMSF specialisations, ask us about the range of initial training options we have to help you by calling (07) 5560 2300 or contacting us.

RequirementStrategicFull
Training
  • Diploma of FS (Financial Planning) Units 1-4
  • Diploma of FS (Financial Planning) Units 1-4
Accounting
  • Account degree only (CPA, CA or IPA preferred)
  • Not required
SMSF specialisation
  • SMSF Specialist (SPAA accredited training)
  • SMSF Specialist (SPAA accredited training)
Experience
  • Nil
  • 2 years
Practice
  • Min 30 SMSFs
  • Min 30 SMSFs

If you have already completed training, MyPlanner is happy to assess what you currently have and identify the gaps that you will need to complete.

In addition, once appointed Accountant Authorised Representatives will need to complete 15 hours of continuing professional development (CPD) including at least one face to face training event, per annum. The ongoing training requirements are as follows:

RequirementStrategicFull
CPD Points
  • 15 CPD
  • 40 CPD
 Learn more about MyPlanner
 Learn about our services
 Contact us

Authorities

Our strategic authority is for specialists who want to provide complex strategic advice, but prefer not to be involved in specific investment product advice and product selection.

The full authority is for specialists who want to provide broad financial advice including product advice based on a board approved product list.

Below you can see what advice you can give under each option. Let us know if you have any questions about our strategic authorities by calling (07) 5560 2300 or contacting us.

Contact MyPlanner

We’d love to hear from you.  Call us on (07) 5560 2300, use our contact form below or connect with us on 

MyPlanner Contact Form

  • This field is for validation purposes and should be left unchanged.
Advice TypeStrategicFull
SMSF strategies
Establish and wind up SMSF••
General advice comparing SMSFs with other superannuation structures••
Limited recourse borrowing arrangements••
Investment advice\developing investment strategies•
Superannuation and retirement strategies
Contributions advice••
Rollovers••
Transition to retirement•*•
Retirement income streams•*•
Receiving death benefits•*•
Corporate super services•*•
Other Financial planning strategies
Cashflow and budgeting••
Debt consolidation•
Overseas pension transfers•
Gearing•
Insurance
Personal and business insurance advice••
Risk profiling & class of product advice
Modelling using pre determined risk profile••
Risk profiling••
Class of product advice for equities, property, etc•
Product advice
Basic deposit products••
CMTs \ CMAs••
My Managed Portfolio•*•
Direct shares•
Insurance products•
All other products on approved list•

*subject to utilising Licensee approved paraplanning service

So who is MyPlanner?

At MyPlanner, we offer a different kind of service that attracts a different kind of financial adviser or Accountant.

 Learn more about MyPlanner
 Learn about our services
 Contact us