Working with Financial Planners

The removal of the accountants’ exemption in July 2016 has forced public practitioners to review the services they offer. Like most accountants, you’re probably considering whether you should establish a referral arrangement, become authorised or obtain a limited licence.

However, referrals are not a mutually exclusive option. In fact, unless you are intending your practice to have full financial services capability, referrals should be considered by every accountant.

The diagram below illustrates the financial needs your clients may have. We have grouped them into business, SMSF and personal. You will need to decide between licensing and referring for every orange box in the diagram. You will note that even structural advice is highlighted as structural advice regarding the use of an SMSF will be limited unless you are licensed.