Fintech start-up, eSMSF Advice, has developed an innovative technology-based practice management solution to help accountants meet tough new rules and regulations, under the government’s incoming licensing regime.
The eSMSF Advice solution has been created to enable accountants who provide advice on self- managed superannuation funds (SMSFs) to continue compliantly running their business and remaining the centre of their clients’ lives, without the need to be licensed and meet additional education and training requirements after the removal of the accountants’ exemption on July 1, 2016.
The flexible service is also designed to help accountants, who have or will become licensed ahead of July 1, run more efficient and productive businesses.
Developed by SMSF Specialist Adviser, David Lunn, eSMSF Advice provides accountants with a range of business management and support tools, allowing them to store and retrieve client documents, efficiently outsource the production of Statements of Advice (SoAs) and manage the provision of advice by a licensed third party.
With eSMSF Advice, accountants can operate under a compliant step-by-step framework designed to ensure they clearly understand what they can and can’t advise on, and therefore don’t inadvertently breach their licensing conditions, Lunn said.
“Based on our market research, eSMSF Advice is the only service which potentially offers accountants a viable alternative to either gaining a limited or full Australian Financial Services Licence (AFSL) or becoming an authorised representative of an established AFSL,” he said.
“For many accountants, it’s a more practical, economical and sustainable solution. It frees them to focus on their core tax and accounting work while potentially allowing them to continue offering and overseeing the provision of SMSF advice and remaining their clients’ primary trusted adviser.”
Lunn said the new service will be available from early April with a number of independently-owned licensees already flagging interest to use the service.
