Accountants are changing their attitudes toward the new self-managed super fund (SMSF) licensing requirements, according to the national development manager of a dedicated licensing business.
"A year or so ago when there was first talk about the exemption being removed accountants were more frustrated about the licensing requirements," SMSF Advice national development manager Kath Bowler told InvestorDaily.
"But we've noticed at our roadshows they're now starting to become more accepting and looking upon it more as an opportunity rather than an imposition."
The AMP-owned SMSF Advice offers three levels of licensing categories: basic, for accountants wanting to help establish SMSFs but not advise on SMSF strategies; strategy, which licenses accountants to provide detailed SMSF strategic advice and non-product specific investment advice; and comprehensive, which enables them to provide full product recommendations. Licensed accountants become authorised representatives of SMSF advice.
So far, the biggest demand from accountants has been for the strategy licensing category, according to Bowler, though she expects that many of those still relying on the exemption will take up the basic license once the exemption is lifted.
Those taking out the basic licence will be required to carry out two units of the financial planning diploma, an online training course that could take a couple of months to complete. The course would cost about $1000.
A strategic licence requires four units of the diploma, whereas those wanting a comprehensive licence will need to complete the full financial planning diploma, which could take as long as two years.
Accountants who decide not to take up the licensing option can also use SMSF Advice's recruitment service to hire an appropriate financial planner, or establish a referral arrangement with a reputable financial planner.
SMSF Advice also has a partnership with Multiport to provide account administration, reporting and compliance services.
