CRM is a bit like a gym membership. You get what you put in. Use it occasionally, and you’ll see some small benefits. Use it correctly and you’ll become a powerhouse.
With new licensing options emerging to assist accountants with the removal of the accountants’ exemption in July 2016, more accountants will be providing strategic advice to their clients and muscling in on services that have traditionally been offered by financial planners – especially in the superannuation arena.
so how can some accounting firms offer value added service and others “don’t have enough time”? But how do we find the time? The truth is, we don’t find the time. We make the time. We recently ran a webinar on how we prepare a set of accounts in under…
While accountants are weighing up their licensing options, their clients may already be on the move, unwilling to wait for their accountant to provide them with a wider range of financial advice services.
With less than two years to go until the accountants’ exemption is removed, only a very small number of accountants have applied for a limited licence. While this may demonstrate in-action by accountants, it might also indicate that accountants continue to be confused about what is involved in moving to the licensed regime and how to select a solution that is the right option for their business.
Accounting partners are well aware of the Future of Financial Advice (FOFA) legislative changes related to offering advice on self-managed super funds (SMSFs) and the removal of the accountant’s exemption which allowed them to provide advice on setting up SMSFs without the need for an Australian Financial Services Licence (AFSL).
With just over two years until the accountants’ exemption is officially removed, accountants could be forgiven for thinking they have plenty of time to respond.
Most Australians have a long-term relationship with their accountant and view them as a key business adviser – perhaps their only business adviser.
Many accountants are now looking closely at their options for providing SMSF advice once the accountants’ exemption is removed. A key consideration is cost, with each option producing a very different result and licensing always being more expensive than obtaining an authorisation.
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