Exemption a “fantastic opportunity” for Beacon

Beacon Financial Group is in negotiations to buy an accounting firm and will develop a new licensing solution for accountants, ahead of sweeping legislative changes.

Peter Daly, managing director of Beacon Financial Group, said the abolition of the accountants’ exemption from July 1, 2016, created a “fantastic opportunity”, with Beacon preparing to offer three different licensing packages for accountants.

“Accountants need a selection of solutions because 2016 is just around the corner,” he said.

From July 1, 2016, accountants will need to hold a new limited license to provide advice on SMSFs and class-of-product advice about superannuation funds, securities, managed investment schemes, basic deposit products and insurance. Previously, the accountants’ exemption allowed accountants to provide advice on the establishment of self-managed superannuation funds without the need to be licensed.

Daly said Beacon would offer a basic package for accountants who only want to provide limited advice, an extensive package for those who want to provide comprehensive advice, and a restricted package for those in between.

He described Beacon Financial Group as a “house of brands”, which currently includes dealer group The Financial Link Group, mortgage broker Integrated Mortgage and Finance, and real estate business B Property.

The group is in the process of acquiring a “large” accounting firm, Daly said, which would form the foundation of a fourth accounting business unit.

The new accounting arm would be a “hub-and-spoke network” of accounting practices using centralised licensing and compliance services, Daly said, adding that Beacon would look to acquire additional practices as well as assist underlying member firms to grow through acquisition.