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Planners to capitalise on SMSF legislative changes

Financial planners are being urged to form stronger relationships with accountants amid upcoming legislative changes for practitioners working in the self-managed super fund (SMSF) sector.

AMP's head of SMSF Advice Kath Bowler told ifa the imminent changes, including introduction of the limited licence regime, would give planners an opportunity to form stronger referral partnerships with accountants.

She added she believes the government reforms will help to clarify the differing roles of accountants and planners.

“Most planners have relationships with accountants,” Bowler said. “I think planners need to have a discussion with their accounting partners and look towards forming a stronger referral pathway.

“The licensing regime is an opportunity to strengthen relationships between the two and clarify each person’s role. There’s an overlap between the two. Legislation is coming into play to clarify what accountants and planners do.”

Bowler added that as part of the changes, financial planners who provide tax advice would also be impacted.

“It is very difficult to separate out tax advice and financial advice,” she said. “There’s been an acknowledgement that the two are inextricably linked.”


Under the changes, financial planners will need to satisfy certain criteria to enable them to be able to provide tax as well as financial advice.