NTAA questions AMP SMSF credentials
The National Tax and Accountants’ Association (NTAA) has launched an attack on AMP’s self-managed super business, describing the company as a “huge financial empire” interested in stealing clients from small accountants.
In an email dated July 3, obtained by SMSF Adviser, the NTAA – an industry body claiming on its website to represent more than 8,500 accounting firms – took aim at a “turf war” within financial services, singling out AMP and its push into SMSFs.
The communication, which was signed by “NTAA co-founder Tony Jones”, stated:
“AMP… is running full page newspaper ads titled 'Need help with your SMSF compliance?'. It then has the audacity to state that it is 'Australia’s experts in self managed super'. Big call!
“The ad also says that AMP can ‘help with the day-to-day paperwork, from organising tax returns and arranging the annual audit to creating the official minutes of trustee decisions’.
“Turf War? No – a full on offensive, a blitzkrieg, launched against accounting practices to entice clients away from their most trusted adviser and into the arms of a huge financial empire.”
The document then goes on to spruik the association’s ‘NTAA Advice’ service which, it says, is a separate association that provides “an arsenal for you to protect your clients” including [via] telephone advice on the accountants' exemption and an opportunity to join its Australian Financial Services Licence.
Last Monday, the same association issued a statement questioning the integrity of the financial planning sector which drew the criticism of shadow financial services minister Mathias Cormann – who described the comments as “reckless and irresponsible” – and calls for an apology from the Financial Planning Association.