Accountants have completed our RG146 2 day course already

225

Accountants have already applied for a Limited Authority through GPS Wealth

190

If you are an accountant act now!

What are my options with the removal of the accountants exemption post 1 July 2016

 

  1. Refer all SMSF, superannuation and financial planning related queries to an appropriately licensed financial advisor as well as disclose any benefits you may receive from the referral.
  2. Become an authorised representative of an AFSL such as GPS Wealth. Our GPS Wealth Limited Authority provides additional PI cover required for limited licensing, ongoing training with three annual Success Days, specific days on SMSF, Induction Day, Annual Accountants Financial Planning Forum, monthly access to Kaplan online, Compliance Pack, access to our marketing campaigns and our Statement of Advice templates for setting up an SMSF and Limited Recourse Borrowing.
  3. Obtain your own limited licence which enables you to provide a range of SMSF advice and class of product advice, however be aware if you have not previously provided licensed financial product advice you will need to obtain the assistance of a qualified and experienced responsible manager. GPS Wealth estimates that the initial cost to an accounting firm to set up their own limited licence to be approximately $8,000 (including PI) and the annual ongoing costs between $8,000 to $20,000. GPS Wealth offers a full authorised AFSL representative under our AFSL.
  4. Recruit a financial adviser or enter into a Joint Venture thus providing clients  a fully integrated advice framework thus adding valuable services to your existing clients and generate additional revenue streams to the accounting firm. GPS Wealth provides a referral partner program which allows accounting firms to offer a complete financial planning solution as well as generate additional revenue streams.

 

When is a licence not required?

A licence is not required in the provision of :

  • Taxation advice
  • Traditional accounting activities
  • Broad asset allocation advice

 

I have until 30 June 2016 to become licensed – why worry about it now?

With less than 60 limited licences being approved by ASIC, time is running out as the government expects 10,000 accountants will need to be licenced before 30th June 2016 to give advice in relation to SMSF's. At GPS Wealth we are assisting accounting firms qualify for their RG146 and become authorised representatives under our Limited Authority and use that qualification to their advantage by being ahead of their competitors. The accounting bodies are predicting over 33% of firms will leave it to the last minute and there will simply be not enough time to complete their qualifications and become licenced.

 

We are a two partner firm with a number of other accounting staff who in the firm needs to be licensed?

Partners and staff who give general verbal and/or written advice to clients in relation to SMSF’s will be required to hold a limited AFSL or limited authority. GPS Wealth suggest firms be proactive, plan for the future and have partners and staff complete their RG146 qualification. Additional authorised representatives can be added as required as long as they have their RG146 qualification.