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NTAA licensee signs up to AIOFP research service

The AIOFP member-owned Filtered Research Committee (FRC) will supply approved product list services for NTAA members looking to move under the AFSL regime for financial advice.

With a memorandum of understanding between the two associations enacted in March, the National Tax and Accounting Association has announced it will adopt the services of the FRC initiative for investment and financial product research used by authorised representatives of its SMSF Advisers Network dealer group.

“We are delighted to further cement our alliance with AIOFP by appointing the Filtered Research Committee to supply our approved list,” said NTAA chief executive Geoff Boxer.

“We believe that one of the most important aspects of the advice process is independence, and the approach of the AIOFP in this area fits well with what both the NTAA and our members expect.”

In addition, NTAA Advice member advocate Phil Osborne will join the FRC board and the SMSF Advisers Network licensee will join the AIOFP as a full member.

“While not all accountants are moving into the full advisory space, the benefit of having the FRC as our research source gives confidence to those who will be offering financial product advice for the first time,” Mr Osborne said.

“Given the product failures of the past, this has been an area of great concern to members and we feel we are providing them with the best solution possible.”

AIOFP executive director Peter Johnston said the FRC partnership with research houses Mercer and Lincoln Indicators gave additional assurance to the NTAA in making this decision.

“An advice conundrum the NTAA faced was they did not trust the financial planning industry’s ability to deliver unbiased advice, were very concerned about past product failure and accountants were hesitant about referring clients to other accountants for advice,” Mr Johnston said.

“We gave them comfort that a Certified Financial Strategist’s characteristics of being independently owned, ASX-experienced, non-conflicted research facilities, relevant tertiary qualifications and a minimum of 3 years’ experience would satisfy their members.”