Kath Bowler, CEO of Licensing For Accountants, noted that there has long been "an elephant in the room" between the accounting and financial planning industries, as the boundaries between the two have continued to blur.
“I feel like there’s often been an elephant in the room between accountants and planners because planners have known that accountants have probably gone too far, and accountants maybe have gone too far but they know they probably shouldn’t have,” Ms Bowler stated.
According to Ms Bowler, there has only previously been an unspoken rule as to where the boundaries for accountants lie.
“Now the boundaries are being set, so you actually have to address who’s going to do what.”
Ms Bowler added that the end of accountants' SMSF advice exemption provides the perfect opportunity for the two industries to draw a line in the sand and "clear the air", and for the accountant to determine the future of their business.
“What do you want to be? Do you just want to be in compliance? Do you want to be the adviser? Where do you want to go?”
Ms Bowler concluded: “I just think that it allows some open conversations to take place."