Capstone Financial Planning, one of Australia’s leading national independently owned Licensees has formed a strategic business partnership with BGL Corporate Solutions, Australia’s leading supplier of SMSF administration solutions, to deliver an online AFSL Authorisation solution to BGL clients.
From 1 July 2016, accountants wanting to provide any financial advice, including advice relating to SMSFs will need to hold an AFSL or operate under an AFSL. Despite the looming phase-out of the Accountants’ Exemption, many accountants remain confused about the requirements and obligations of operating in the post 1 July 2016 environment.
“It’s become apparent from our discussions that many accountants are still confused about the forthcoming changes and what the removal of the Accountants’ Exemption really means for them and their business operations,” said Capstone Managing Director Grant O’Riley. “In addition to the education and competency requirements, there are significant adjustments to business processes that also need to be considered.”
“We wanted to find a way to help our clients comply with the post 1 July 2016 licensing regime” says Ron Lesh, BGL Managing Director. “We needed a tiered solution that made it easy for our clients to get into licensing in small steps and Capstone was able to provide us with a simple way to do this”.
In response to these industry concerns, and in collaboration with BGL, Capstone has developed a purpose-built solution including a web portal containing relevant information for BGL clients about Authorisation, as well as an online application system that enables users to complete and submit an application and have current qualifications assessed in order to find a solution that suits their business.
The solution provided by this strategic partnership between Capstone and BGL is the foundation stone for other business solutions between the two groups as further exciting technology based opportunities arise to simplify the advice process for Accountants.
Source: BGL, Capstone
