The National Tax and Accountants’ Association and Association of Independently Owned Financial Professionals has signed a memorandum of understanding (MOU) formalising what AIOFP executive director Peter Johnston has described as both a “commercial and political alliance”.
Addressing the AIOFP offshore conference in Phnom Penh, Cambodia, last week, NTAA Advice member advocate Phil Osborne said his organisation is seeking access to trusted relationships with financial advisers ahead of the removal of the accountant’s exemption, which is slated for July 2016.
“With the NTAA mission to serve its members, and the removal of the accountant’s exemption requiring accountants to look for options for the provision of SMSF advice, these changes have seen the NTAA add another element to our current member services – NTAA Advice,” Mr Osborne said
The NTAA is finalising an AFSL that will allow appropriately accredited members to become authorised representatives, and provide advice restricted to SMSFs.
Feedback from NTAA members has indicated many wish to continue providing advice restricted to SMSFs, with more than 90 per cent intending only to continue providing advice of the fund structure.
“This results in the need for trusted referral partners to provide advice relating to investments and insurance in the SMSF,” Mr Osborne said.
How can you restrict your advice to only dealing with SMSF’s? Any advice to buy, sell or hold a product must surely look at the existing product be it an industry or retail super plus the alternatives to an SMSF going forward.
Client’s will expect that someone advising on an SMSF will also be able to at least compare the alternatievs and give an honest client focused opinion.
This is akin to the ISA Planners only recommending their own Industry Fund.
For me it looks like the consumer is on the losing end of all these “carve outs”