Non-institutionally owned financial planning and accounting dealer group, GPS Wealth has launched an automated Statement of Advice (SoA) tool, designed to slash the time it takes accountants to produce a range of advice documents by around 80 per cent.
The program, which is exclusively available to GPS Wealth’s limited authorised representatives, produces clear, concise and compliant SoAs in five key areas: establishing a self-managed superannuation fund (SMSF); borrowing to invest in real estate under a Limited Recourse Borrowing Arrangement (LBRA); implementing a transition to retirement strategy; concessional and non-concessional super contribution strategies; and reserving strategies.
It also features corresponding guidelines and check lists to help accountants confidently meet their responsibilities under the regulator’s new licensing regime. A final step in the process is the creation of a strategy paper for clients to sign, confirming that they understand and accept the advice they’ve been given.
According to Greg Holman, Certified Practising Accountant and co-founder of GPS Wealth, a complex SOA which may have previously taken five hours to prepare can now be delivered in 30-45 minutes, which will significantly lift practice efficiency, lower costs and free accountants to spend more time infront of clients.
“We’re committed to partnering with accountants as they adjust to the removal of the accountants’ exemption and navigate the new licensing regime, which is why we developed a tool to help them meet their obligations while increasing their productivity, profitability and growth potential,” he said.
“Our focus continues to be working with professional accounting and advisory firms which specialise in SMSF advice by providing them with a turnkey licensing solution that includes coaching, mentoring and client engagement tools in addition to more traditional dealer services.”
GPS Wealth is running a series of workshops and webinars over the next few weeks to coach accountants on how to use the SoA tool.
It continues to run professional development courses to help practitioners understand their licensing needs and requirements under the government’s new regulatory framework, and build their skills and competency in key knowledge areas including self-managed super, insurance, lending and strategic advice.
“With ASIC’s deadline less than three months away, and the regulator recently reaffirming that it won’t be offering an extension, accountants urgently need to lock in their licensing arrangements,” Holman said.
