iscover Accountants’ licensing group launches new partnership
BusinessOne licensee that specialises in accounting has partnered with a superannuation platform provider to allow accountants access to white-label services.
Accountable Wealth Management has announced a partnership with superannuation platform provider HUB24 to introduce the new service, which will be launching this month. It will provide accountants and advisers access to their own tailored version of HUB24’s platform.
“This new white label is a testament to the flexibility of our technology which enables us to meet the needs of the merging accounting and financial advice segments,” said HUB24 managing director Andrew Alcock.
Accountable chief executive Tony Zulli welcomed the merger, saying that the new platform would greatly benefit his SMSF and retail superannuation clients.
“The removal of the SMSF advice exemption has seen accountants gradually move into the financial advice environment,” Mr Zulli said.
“This not only includes advice in SMSFs but also advice in relation to a client’s other superannuation accounts, particularly where an SMSF is not appropriate to the client.
Mr Zulli also announced that Accountable would be leveraging off Aura Funds Management to introduce three managed portfolios with risk profiles matching the accumulation, transition to retirement, and retirement stages of superannuation and wealth creation.
In general, accountants’ take-up of the licensing regime has been slow, although there has been a slight uptick in activity recently as ASIC clears its backlog of applications.
Most accountants looking to operate in the AFSL environment have done so through licensee authorisation, rather than seeking their own licence. Only 1,181 applications for limited AFSLs were made during the three-year transition period of July 2013 to July 2016.
Sixty-six per cent of applications were made in the last four months of the transition period, and 38 per cent of applications were lodged in June 2016.
Jotham Lian
Jotham Lian is the editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.
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