Financial planning software provider Midwinter is developing a new solution to provide compliance and advice technology for limited AFSL holders.
In a statement, Midwinter said the solution is being developed in partnership with Licensing for Accountants.
The new solution will feature additional functionality and resources within Midwinter's AdviceOS system to cater for both unlicensed accountants and licensed accountants with limited AFSLs.
Midwinter also said one of the key features of the new solution will include a module containing standard advice documents, as well as a library of unlicensed templates for accountants to document both licensed and unlicensed advice.
Midwinter executive director James Murphy said the additional features have been welcomed not only by accountants but also by many of their financial planning referral partners.
"For quite some time now, our financial adviser clients who work closely with accountants have expressed a desire for Midwinter to create a package that would allow both parties to work off the same system," Mr Murphy said.
"Now, through Licensing for Accountants, we have been able to offer this."
Licensing for Accountants chief executive Kath Bowler said there was interest in the unlicensed templates from full AFSL holders.
She further added that full AFSL holders had been looking to provide this solution to their accountant referral partners as a value-add, as it makes those partners aware when a piece of advice needs to be referred to them.
"The interest in the templates had been overwhelming – so much so that we have allowed for a pilot run while the solution is still in testing," Ms Bowler said.
Midwinter expects to launch the solution in mid-June.
Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.
You can contact him on [email protected].
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