New SoA tool launched for accountants
As the phase-out of the accountants’ exemption looms, one accounting dealer group has launched an automated statement of advice (SoA) tool that it claims will cut the time it takes accountants to produce a range of advice documents by up to 80 per cent.
The program, which is available to GPS Wealth’s limited authorised representatives, produces SoAs in five key areas: establishing an SMSF; borrowing to invest in real estate under an LRBA; implementing a transition to retirement strategy; concessional and non-concessional super contribution strategies; and reserving strategies.
It also features corresponding guidelines and checklists to help accountants confidently meet their responsibilities under the regulator’s new licensing regime. A final step in the process is the creation of a strategy paper for clients to sign, confirming that they understand and accept the advice they've been given.
According to Greg Holman, co-founder of GPS Wealth, a complex SoA that may have previously taken five hours to prepare can now be delivered in 30 to 45 minutes using the tool.
“We’re committed to partnering with accountants as they adjust to the removal of the accountants’ exemption and navigate the new licensing regime, which is why we developed a tool to help them meet their obligations while increasing their productivity, profitability and growth potential,” he said.
“Our focus continues to be working with professional accounting and advisory firms which specialise in SMSF advice, by providing them with a turnkey licensing solution that includes coaching, mentoring and client engagement tools in addition to more traditional dealer services.”