New assessment service launched for licensed accountants
A non-aligned provider of financial advice and technology has launched a cloud-based tool enabling licensed accountants to carry out a preliminary assessment for investors considering an SMSF.
The new cloud-based toll, called SMSFit, assesses the client’s suitability for an SMSF across a range of individual factors, from the client’s investment goals and financial situation to their understanding of performance benchmarking and relevant regulatory issues, according to the Adviser Network, the company launching the tool.
"SMSFit then generates a limited Statement of Advice [SOA] that reflects the client’s attitude related to the appropriateness of self-managed super," said Adviser Network chief executive Duncan McPherson.
Mr McPherson said many SMSF trustees rely on their accountant as their trusted adviser, so licensed accountants need to be able to provide that advice in a way that is client-centric, compliant and doesn’t require them to invest heavily in technology to advise on suitability.
"The new licensing regime requires accountants to get their head around a multitude of rules, and we want to ensure they have all the tools they need to develop the advice component of their business," said Mr McPherson.
"Accountants who have formed strategic relationships with financial planners will be able to continue to refer their clients for rollover and comprehensive financial advice if they decide to proceed with an SMSF, after reviewing the limited advice provided by SMSFit, as to the suitability of a SMSF for the clients."