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Accountants to seek adviser guidance on products

Accountants who obtain a limited AFSL may turn to advisers for help when faced with product challenges, says a specialist SMSF administration provider.

According to Complete Super Solutions, many industry leaders believe that accountants who obtain a limited AFSL will be faced with a "plethora" of advice and product recommendation challenges that could lead them to seeking guidance from financial advisers.

"Licensing, providing financial advice, and understanding the limitation of product recommendation authorisations, have been the domain of advisers and it will be this sector that can provide the best practical guidance and assistance to the accounting fraternity," Complete Super Solutions chief executive Martin Morris said.

"Licensees and consultants will obviously provide support and solutions but localised planning firms can provide peer-to-peer mentoring that would be invaluable to accountancy firms."

Mr Morris also said advisers can use their "sector experience" to provide tangible and immediate value to an accounting practice principal and, by doing so, lay the foundations to build a strong long-term relationship.

"This legislation creates the piece of the jigsaw that brings the two sectors together at a partnership level. Client referrals will be the eventual output," he said.

Mr Morris adds that accountants will also need to outsource some components of the advice process that go beyond their licensing arrangements, of which advisers can take advantage.