Dealer group Securitor plans to strengthen the relationships between its financial planners and accountants by ensuring a clear understanding of the rules relating to advising on self-managed superannuation funds (SMSF) is in place.
However, before the relationship between planners and accountants could progress, definitions within the Future of Financial Advice (FOFA) accountants’ exemption needed to be clearer to prevent scenarios of advice overlap and confusion over responsibilities, BT Financial Group head of dealer groups Matt Englund said.
“What we’re looking for in the first instance is for the government to clarify the rules based around what accountants are able to do,” Englund said.
Financial Services and Superannuation Minister Bill Shorten is expected to make a formal announcement on the exemption towards the end of the week.
In the meantime, Englund said the BT Financial Group-owned dealer group had its own framework in place.
“We’re very clear that advisers don’t provide tax advice,” he said.
“It’s not what they do, [so] they should always refer that out, which is why we’ve got so many of them working closely [with accountants].
“What we’re finding is a good relationship between a financial planner and a good-quality accountant gives a better outcome for the client.”
Securitor has launched a partnership and support service for accountants in relation to SMSF advice.
“As we look into the regulatory environment, we expect that those accountants will need to be licensed to provide strategic advice around setting up a SMSF, so this is a service which will support them in doing that,” Englund said.
The service will cost around $4000 per accountant.
Securitor would look to add value to its current practices by looking for good-quality planning practices as part of its plans for growth, Englund said.
“We’re really comfortable with the progress we’re making to date on our business plans and excited about how our businesses are going [in] being FOFA-ready, but putting that aside, just actually running good-quality businesses,” he said.
He said strengthening the roles of advisers, chief executives and practice owners was a top priority for the year.
