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There are some changes taking effect from 1 July 2016 for the accounting profession in relation to advice accountants can give clients on Self Managed Superannuation Funds.  From 1 July 2016 accountants who give guidance to their clients on items such as pensions, contributions, superannuation and SMSFs are now required to be licensed by the Australian Securities and Investments Commission (ASIC) to provide this advice.

ASIC is responsible for investor and consumer protection in financial services, including superannuation and investments and ASIC want to ensure that consumers:

  • Receive proper disclosure
  • Are dealt with fairly by qualified people
  • Receive useful information about their investment or product
  • Can access proper complaint-handling procedures.

At Hanrick Curran we have embraced these changes to ensure that we maintain a consistent service offering and extend our conversations regarding the complexities of superannuation.  This is increasingly important with the proposed legislative changes to Superannuation especially for business owners who increasingly need to plan ahead to provision appropriately for retirement savings and to achieve personal financial goals.

There are a number of ways to become licensed.  After careful consideration, the option that suited our firm and our client needs was to licence under a non-aligned and independently owned Licensee, Libertas Financial Planning.  We have incorporated Hanrick Curran Wealth Strategists which is the entity authorised by Libertas to provide this licensed advice and a number of advisers across the team are now qualified to become authorised to deliver this advice.

What does this mean for you?

There are many benefits to our clients with Hanrick Curran obtaining the authorisation.  In addition to continuity of our previous service offering, importantly we will be able to provide strategic financial advice in a more considered and structured manner.  This includes considering all the pros, cons and costs of the options available to you to reach your personal goals and develop a blueprint for you to secure your financial future.

From this point, our process will change in terms of information collection and presentation of financial advice that falls within the licensed area.  Prior to receiving advice that now needs to be provided under the License, we will need to obtain some additional information from you. Whilst that may seem like it’s elongating the process it will ensure we are considering all aspects of your situation before making a recommendation.  The future advice you receive from us regarding items such as pensions, contributions, superannuation and SMSFs will be documented, providing additional opportunities to develop an overarching strategy and structures capable of meeting financial and lifestyle goals that create, preserve and protect your wealth.

We will be transparent in the costs associated with any licensed advice and will deliver it in the most cost efficient way whilst ensuring the additional disclosure requirements are met as required.  We are confident the additional discussions required under the licensing framework will deliver valuable outcomes.

We will continue to work in conjunction with your other strategic partners, such as financial planners and stockbrokers and collaborate with them so our respective advice areas are complementary and working towards achieving your overall personal and business goals.

 

If you have any queries or would like more information about the services offering within Hanrick Curran Wealth Strategists please speak with your usual Hanrick Curran adviser.

 

Please note that this publication is intended to provide a general summary and should not be relied upon as a substitute for personal advice.