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In the experience of one financial services provider, since the expiration of the accountants’ exemption on July 1 this year, the number of accountants becoming authorised representatives has been increasing.
InterPrac Financial Planning said accountants have realised that the benefits of licensed financial advice far outweigh any perceived negatives.
InterPrac Financial Planning practice manager Michael Gershkov said although the regulations have changed, accountants continue to “take immense personal and professional pride in their role as the ‘trusted adviser’ in the financial advice arena”.
“Many accountants that opted for a partial AFSL have realised the obligations weren’t as onerous as first thought and in fact the full licence would have been more appropriate,” said Mr Gershkov.
“Without an AFSL they are severely hampered in maintaining, managing and implementing long-term financial strategies and solutions for their clients — especially business owners and HNW professionals.”
Mr Gershkov said as accounting businesses morph into advisory businesses, wealth management and financial planning will be a key offering required by clients and in turn will be necessary for the sustainable long-term future financial success of the practice.
According to Mr Gershkov the number of enquiries and requests received by the business from accountants is on the rise, with the group expected to reach over 200 advisers by December 31.
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