Dear <client>,
Referral to A.S.A.P. for financial product advice
On 1 July 2016, ASIC changed the licensing requirements for accountants. This has meant that certain SMSF services we provided in the past now require an adviser who has an Australian Financial Services License.
The costs of having an ASIC license are expensive and onerous and if our firm were to obtain our own license this would increase the cost of our client services. We have therefore taken the decision to instead refer clients to A.S.A.P. who offer a highly efficient online advice platform where SMSF clients to request compliant advice when required. By offering advice that is limited in scope and suited to self directed SMSF clietns, A.S.A.P. is less expensive than referring to a traditional financial planner.
By using A.S.A.P. you will be able to request quick, inexpensive financial product advice which confirms the appropriateness of using an SMSF for the following type transactions:
- Starting a SMSF
- Rolling money into your SMSF
- Making additional contributions into your SMSF
- Starting/stopping a pension in your SMSF
- Transition to retirement pensions
- Making withdrawals from your SMSF
In preparation for our next meeting, where we may use A.S.A.P.’s software to identify any product advice you require, we will enter your contact details into their system.
It is important to note that you are not bound to proceed with any of the financial advice you receive from A.S.A.P. However <Firm Name> feel that A.S.A.P. act in the best interests of our clients and provide compliant advice that meets the new regulatory requirements. With the new, tighter regulatory environment impacting SMSF accountants, we have implemented a policy where we can only implement SMSF transactions that are accompanied by a compliant Statement of Advice.
If you have any questions about A.S.A.P. or the advice process going forward, don’t hesitate to get in contact with our office.
Best Regards,
<Accountant Name>
<Firm name>