Licensing for Accountants, a specialist professional service firm was launched today to support and transition accountants into financial services licensing. The business will help accountants to seamlessly navigate the complex licensing regime brought about by Future of Financial Advice (FoFA) reforms. Specifically, Australian Financial Services Licensing (AFSL) impacts accountants who currently provide structural SMSF advice to their clients.
Licensing for Accountants provides a suite of unbiased services and tools to guide accountants through the licensing maze. It supports accountants directly with online tools and guidance and indirectly by working with licensees, professional associations and other bodies who are seeking direction through consulting, white labelled and customised solutions.
CEO, Kath Bowler, said, “There is considerable licensing misinformation in the market with little structured guidance. This is concerning given the looming July 2016 deadline”.
To provide immediate guidance, Licensing for Accountants has developed an Australian first: an online diagnostic tool which captures information about the accountant and their business, then generates a comprehensive report about the licensing solution that is likely to work best for them.
The website also provides a licensing information hub with guides, Q&As, fact sheets, videos, webinars, a matching service and a starter kit. In the pipeline are new services to help accountants once they have transitioned to the new regime and require ongoing support.
Quoting recent polls, Bowler said, “Up to half of accountants impacted still don’t know what they plan to do about licensing.
“They’re not in a position to make an informed decision. Every accountant and practice is unique and there are a range of options available, adding to the confusion.
“There are many opportunities for accountants to have the business they want and it’s essential that their business model drives their licensing decision and not the other way around. We’re encouraging accountants to think about where they want their business to be in 3-5 years’ time.
“Licensing for Accountants was developed to fill this gap; we have the knowledge and the structure to help them find the right licensing solution to meet their needs.
“By tapping into our resources, we can help accountants who are unsure of their options with a clear plan for the future, which may or may not include their existing referral arrangements.”
“We understand both accountants and the financial advice industry; this places us in a unique position to ensure transition to licensing is tailored, efficient and well supported,” said Ms Bowler.
Further information: Therase Keating | 0408 544 449 | therase@L4A.com.au | www.L4A.com.au
Key products – snapshot
Licensing Diagnostic -is an online quiz that captures critical information about the accountant and their business and assesses which licensing solution best suits them. It takes approximately ten minutes to complete, with a licensing recommendation report generated upon completion.
Matching Service - if an accountant has decided to become an authorised representative, the Matching Service provides impartial recommendations on which licensees may suit them, based on information provided by the accountant.
Starter Kit – supported by the SMSF Association, the kit bundles a comprehensive range of discounted services for all the key items accountants’ require to become licensed - whether they take the self-licensed or authorised representative path.