Accountants who specialise in the self-managed super fund (SMSF) sector should use imminent legislative changes as an opportunity to grow their business, AMP's head of SMSF Advice said.
"They should capitalise on growing their practice, going beyond the SMSF advice they have been providing under the exemptions," Kath Bowler told InvestorDaily. "The levels of authority (under AMP's license options) will allow accountants to expand the type of advice they give."
Ms Bowler said she believes the introduction of the limited license regime on July 1 will clear the air between financial planners and accountants.
"The legislation is coming into play because there's so much grey in terms of what accountants can do, let alone what planners can do," she said.
However, Ms Bowler added that education remains the biggest hurdle for accountants who plan to move into the new regime.
Accountants will have to meet the training requirements to apply for licensing. In many cases, this will include completing a Diploma of Financial Planning.
An SMSF Academy survey of accountants working in the SMSF sector recently revealed many respondents were "unsure" about what path they intended to take to provide SMSF advice - that is, whether they are looking at a restricted Australian Financial Services Licence, authorised representative or referral model.
Ms Bowler said that at this stage, the strongest interest had been in the strategic level of authority which enables accountants to give strategic advice but not recommend products.
Accountants who advise on SMSFs have three years from 1 July to transition to a limited licence.
