SMSF accountants should capitalise on changes: AMP

“They should capitalise on growing their practice, going beyond the SMSF advice they have been providing under the exemptions,” Kath Bowler said. “The levels of authority (under AMP’s licence options) will allow accountants to expand the type of advice they give.”

Bowler said she believes the introduction of the limited license regime on July 1 will clear the air between financial planners and accountants.

“The legislation is coming into play because there’s so much grey in terms of what accountants can do, let alone what planners can do,” she said.

However, Bowler added that education remains the biggest hurdle since accountants will have to meet training requirements to apply for licensing. In many cases, this will include completing a Diploma of Financial Planning.

To date, the strongest interest has been in the level of authority provided, which enables accountants to give strategic advice but not recommend products.

Accountants who advise on SMSFs have three years from 1 July to transition to a limited licence.