Should I apply for my own limited license?
While an exception is available in the short term, professional accountants are being encouraged to take advantage of the transition period and gain the knowledge and accreditation now through a reputable Australian Financial Services Licensee such as Lifespan.
One of the key questions for any accountant looking to continue to deliver SMSF services to their clients is the often asked question of whether it’s better to apply for your own license (either limited or full advice) or is it better to become an authorised representative of an existing AFSL holder.
Without a doubt two of the most pressing considerations that need to be examined are:
- What are the true costs to obtain and maintain a license on an ongoing basis, and
- How much time does the business and its managers need to dedicate towards the administration and maintenance of an Australian Financial Services License.
Accountants need to consider any perceived benefits from self-licensing when weighed against the requirements associated with the ongoing training of accountants and staff, addressing compliance needs, maintaining relevant registers and delivering the necessary new client documentation and reporting requirements for each client interaction.
Regardless, in the case of maintaining a limited license there is also the question of how to ensure you are able to address the specific needs of clients when enquiries extend beyond SMSF advice.
Proceeding down the path of self licensing may offer you some benefits, but these will come with increased costs in both time and dollars to the business and inevitably your clients.
Lifespan’s Accountant Licensing Solutions
Lifespan Accountant Solutions help you create value for your clients and your business from providing financial advice and advice related services.
Lifespan has been working hand in hand with accountants in the provision of advice services to clients for over 20 years. Regardless of your business model, we have a solution to suit you.
Lifespan can provide:
- Licensing solutions for SMSF advice and comprehensive advice models
- An aligned accountant referral arrangements in areas of specialist advice
- A tailored solution designed to minimise disruption to your business
- The opportunity to work with like-minded professionals
- The freedom to run your business your way as only a privately owned licensee can
- Access to the resources and support provided by one of Australia’s largest non-institutional licensees
Why join Lifespan
Many of Lifespan’s representatives are accountants in public practice. The remainder are professional financial advisers with backgrounds in investment management, superannuation consulting, life and general insurance, finance broking, commercial accounting, actuarial work, law and other areas of financial services.
Lifespan can help you provide the level of advice that best suits your business with our range of licensing solutions. You’ll be well supported throughout the process with access to advice support services including:
- On the ground assistance to help implement the advice process within an accounting business
- Education and Compliance support
- Tools and templates
- Access to industry leading fund research from MercerIS
- Technical resources including adviser help desk, and industry specialists
- Compliance systems
- Education support
- Practice development programs
- Access to financial planning and modelling software
Flexible licensing solutions for your business allows you to choose the options that you want and not be tied to any prescriptive business model.