Peace of mind
Armed with an understanding of the rules and carefully chosen referral partners such as A.S.A.P., accountants who decided not to get an AFSL can still service their SMSF clients – without jeopardising the client relationship.
A.S.A.P.’s online system is designed to be used in every client meeting, every time.
We offer support to accountants to help know exactly what you can and can’t say to a client without a license, and when your client needs a Statement of Advice (SOA). This help comes in the form of our written Guides as well as phone support and an interactive tool to help you prepare for each SMSF client meeting.
Our ‘rule of thumb’ is if you’re involved in implementing a client’s transaction into or out of an SMSF, then you really should ensure a SOA from a licensed adviser is on file. For just $250+GST, ordering a SOA from A.S.A.P. is an easy business decision to make – to get the peace of mind that you’re meeting the rules.
Just helping with the admin to implement a client’s transaction can be seen as a form of endorsement – which requires a financial services license. There is a strong likelihood clients would disavow pure disclaimers if anything went wrong or if the regulator came knocking. Without a written SOA it is very difficult to prove that the client did not seek advice from you – especially if you help to implemented the client’s product transactions. Not to mention the complex ‘dealing’ laws that can apply (see ASIC RG 36.36)
What we offer
A core feature of A.S.A.P. is our simple to use ‘drag-and-drop’ tool, designed to be used in every SMSF client meeting. The tool is free to use and lets the client direct what advice they require, with built in rules to protect both the client and accountant. After this process, a written scope document is generated automatically for the client to e-Sign.
This becomes an invaluable compliance tool which not only validates whether the client is suited to receive limited advice, but also creates a permanent record of what advice the client requested and exactly who will take responsibility for each decision.
Where the client desires rapid, inexpensive advice (i.e. limited in scope) this can be ordered quickly and easily online while the client is still in the accountants office. After the client completes a brief ‘fact find’ questionnaire A.S.A.P.’s SOA typically arrives a day or two after we receive all the information needed.
Areas of advice from A.S.A.P.
A.S.A.P. concentrate on the transactions accountants tend to get involved with the most. It’s not just investment selections that require a license to advice on but most transactions between a member and their SMSF, including:
- Establishing a SMSF
- Rollovers into a SMSF
- Making additional contributions (concessional or non-concessional)
- Starting and stopping an account based pension
- Starting and stopping a transition to retirement pension
- Lump sum withdrawals
- Winding up an SMSF
When a SOA is ordered from A.S.A.P., the scope of our advice covers:
- For clients who are considering a new SMSF: a recommendation on whether an SMSF is a suitable superannuation product to meet the client’s objectives. This includes advice on whether to roll over existing superannuation funds the client may have, taking into account an analysis of the fees and identifying whether there is insurance in place that would impact the decision to transfer. We contact each fund and give a specific recommendation for each rollover.
- For clients who already have an SMSF: a recommendation on using the SMSF to start, change or commute an account based pension, transition to retirement pension, take a lump sum withdrawal or even wind up an SMSF. Our SoAs can also confirm the suitability of using the SMSF for concessional or non-concessional contributions.
If required, we work closely with a specialist insurance adviser who can analyse the client’s insurance contracts and recommend an SMSF insurance strategy.
Want to find out more?
- Book a demo by calling 03 6240 1575 or using our online booking system
- Use our free, interactive tool on what you can and can’t say to your next client, and whether they’ll need an SOA, by clicking here; or
- Contact us to request our detailed Guide or to discuss your next client meeting.
Or, if you are an accountant with self directed clients and you don’t have an AFSL, register here and start using the platform today.