Speaking to SMSF Adviser, Merit Wealth accountants services director David Moss said he is still speaking to around 3,000 accountants who are undecided on whether they will become an authorised representative under limited licence, or continue to remain unlicensed.
“A lot of them have called the bluff of the financial planning industry and the scare date of 30 June 2016,” said Mr Moss.
“A large proportion of accountants have said well if I want to give advice I have to be licensed, but if I just shut my mouth for now then I can think about it for a few months until everything settles down, and I can get a better handle of what everyone else is doing.”
A lot of accounting firms are using the Christmas break to think about their decision, he said.
“There are around 10-15,000 different SMSF firms, partnerships and sole practitioners out there and a big portion of them are still waiting,” Mr Moss said.
Hardly a clear inference of illegality, but I suppose hyperbole is the forte of the FP industry.
I suspect that a lot of accountants, rather then pay $000’s to planners, being forced to only recommend what the FP demanded and hand over their client lists, have limited their advice.They were probably using the holidays to evaluate the first six months and seeing what they will do going forward. A conservative, thoughtful and legal approach to business and their client needs.
“called the bluff of the financial planning profession”. How? by acting illegally? that’s the clear inference