AMP-owned SMSF Advice has set up a new licensing service for accountants servicing self-managed superannuation fund (SMSF) clients in the wake of scrapping of the accountants' exemption in the Future of Financial Advice (FOFA) reforms.
"It's licensing for accountants that gives them a few options to suit however far they want to go with their financial planning activities," SMSF Advice national development manager Kath Bowler told InvestorDaily.
The SMSF Advice offering allows accountants to choose from a Structured, Strategy or Comprehensive licensing arrangement.
The Structured category is the most basic and will only allow accountants to recommend the establishment of SMSFs, including comparisons with other structures, without providing any advice on superannuation rollovers.
However, the provision of simple contributions is allowed.
The Strategy option offers a broader range of advice activities, including the ability to provide detailed strategic SMSF advice and non-super strategic advice.
However, practitioners operating under this arrangement cannot give product specific investment advice apart from that relating to basic deposit products.
"This is the option we see that should differentiate ourselves from the market place," Bowler said.
The third alternative is called Comprehensive and allows accountants to provide full product advice with additional training and technical support with a view to facilitate SMSF specialisation.
"We've also got a DIY offer, so if accountants want to set up a licence for themselves we can help them with that as well," Bowler explained.
"The licenses are varied through their scope of authority. Axa do that already under the operation of their other licenses as do other licensees," she said.
The service was made available to accountants at the beginning of this week.
