Some of the licensing providers are causing considerable hold-ups for SMSF accountants in relation to processing statements of advice, according to an automated advice provider.
Speaking to SMSF Adviser, ASAP Advice chief executive Jim Hennington said some of the SMSF firms providing advice have said that in some cases it takes several weeks just to get a statement of advice out to a client because it has to go through various compliance checks by the licensee provider, which is resulting in long delays.
“That’s causing huge frustration [and] it can cause difficulties in managing client expectations and deadlines,” said Mr Hennington.
Another problem raised by some of the accounting firms licensed under dealer groups that he’s spoken to, is the time it takes them to write a statement of advice, he said.
“The feedback that we’re hearing is it can take a very long time to write a statement of advice, and part of that is the templates aren’t always specific to what the client is actually doing and part of it is that each client scenario is different,” he said.
“So it does take a lot of time to mould a template into giving the exact advice that fits each client scenario, which is a non-trivial process.”
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 08:20Industry questions ATO’s capacity for new reportingBy Miranda Brownlee
- 08:00Qld succession law changes tipped to impact SMSFsBy Miranda Brownlee
- 16 Aug 2017Contribution limits restricting future balances, warns mid-tierBy Staff Reporter
- 16 Aug 2017SMSF firms underprepared for events-based reportingBy Miranda Brownlee
- 15 Aug 2017SMSF auditor disqualified for misconductBy Staff Reporter
- 15 Aug 2017Class gains market share in financial year resultsBy Staff Reporter
- view all
- Industry questions ATO’s capacity for new reporting
With events-based reporting set to generate huge amounts of data, concerns have been raised about whether the ATO’s systems will be able t...read more
- Contribution limits restricting future balances, warns mid-tier
Clients hoping to accumulate a superannuation balance of $1.6 million by age 65 will need to start taking full advantage of concessional con...read more
- SMSF firms underprepared for events-based reporting
A straw poll has revealed that the majority of SMSF firms currently feel their firm is not equipped to deal with the proposed events-based r...read more
- view all