The first six months

Writing your first SOAs will initially seem very daunting, particularly if you are an experienced accountant, as you will need to operate your business in a new way – almost as if you are learning a new language. Your best approach is to look at the first six months as a transition period while you write those first SOAs and become accustomed to the changes.

To help you meet the challenge, we’ve compiled some tips to help you make a smooth transition into the new system.

Tip 1 -  First and foremost, allow yourself a good six months to adjust to the new system. Aim for one client per month to build your confidence.

Tip 2 - Identify 10 clients who need advice. Aim for three clients with only a few needs (such as TTR strategy or some contributions advice) and one client needing a full range of strategic advice.

Tip 3 - Start the process with someone that you know – try yourself.

Tip 4 - Pre-fill the fact find from your accounting information (provided your privacy clause permits this).

Tip 5 - Book in some appointments (nothing like an upcoming face to face to get things moving).

Tackling your first SOAs will be a challenging task and we will provide support and guidance throughout your licensing journey. Later this year, we are running a webinar series on writing your first SOAs.

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Going to market – entities and branding

Regardless of your licensing path, you will need to consider how you go to market in a licensed capacity.

In most instances, these services will be offered through a separate legal entity from your accounting business, as they are normally covered under different PI policies. If you are an authorised representative, most licence holders have this as a requirement. If you have your own licence, you may choose to do this anyway from an asset protection perspective. Should issues arise in either of your businesses, separate entities will ensure minimal impact on the operation of the other business.


  • Entities and branding
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