Axa Australia’s Financial Advice Network plans to rollout its offer to other accountants after cementing a co-partnership arrangement with the Institute of Public Accountant s (IPA).
Axa said the regulatory changes around the accounting sector being able to provide financial advice provided the AMP-owned group with an opportunity to focus on supplying licensing and referral service to accountants.
“[The arrangement with IPA is] an exclusive arrangement for the specific offer that we have for their members. But we’ll certainly be rolling out the offer to accountants much wider. It just won’t be in that formal structured arrangement like we’ve got with the IPA,” Axa national development manager of self-managed superannuation fund advice Kath Bowler told InvestorDaily.
“[We] can’t partner with any other accounting bodies, as that is part of the arrangement with IPA,” Bowler said but added Axa would look closely at relationships with other organisations, including those involved with self-managed super funds.
“But again, it won’t be an identical arrangement to the one we have with IPA because that is an exclusive arrangement. [There are] lots of other professional associations and organisations work with accountants that we would like to talk to about the offer we have. “
“We also have a lot of our advisers within the Axa and AMP network who have relationships with accountants [and] that are going to need a basic licensing solution,” she said.
“I’ve had significant inquiries within our adviser network asking us about whether we have a solution to help the accountants they partner with, so we will certainly be rolling that out to our advice network.”
Axa’s Financial Advice Network was appointed by IPA along with MLC on Friday as preferred suppliers of licensing and referral services to its members.
MLC Business Consulting national manager Nick Hilton said as self-managed superannuation funds provide a solution for clients that are highly engaged with their superannuation, it’s important that accountants are still able to provide appropriate SMSF advice under government reforms such as the Future of Financial Advice.
“MLC is pleased to be partnering with the IPA to help accountants continue to provide this advice,” Hilton said.
The services Axa and MLC will offer include licensing options for public practice accountants who wish to continue or extend their advice services to their clients.
