The majority of accountants we have met, have advised they are clearly focussed on their mainstream business activities and just want to “keep doing what they have been doing” – ie. They don’t want to become financial planners and hold a “Full Authority”.
Instead, the most productive way forward may be to hold a “Limited Authority” – which allows the accountant to comply with the new licensing requirements, in the most practical, time-efficient and cost-effective manner.
SMSF Licensing Options
Four Main Licensing Options
- Establish a pure Referral Agreement with an external licensed advisory group.
- Become an Authorised Representative of an AFSL with a limited authority to provide advice only on SMSF’s.
- Become an Authorised Representative of an AFSL with a full authority to advise on SMSF’s / investment matters.
- Obtain your own Limited AFSL.
° Depending on the level of licensing that you apply for | 1. Class of Product only – ie. not product specific, refer to a qualified advisor (PFAS) for full advice where required | 2. Delivered in conjunction with an external national licensee provider with a tailored offering for some services or in house service | 3. Full Authority or AFSL Holder | 4. AFSL Holder Requirement