With the focus of some accountants shifting to running their own limited AFSL, AccountantsIQ has launched a new service to enable these practices to do so with minimal business disruption.
Infrastructure to protect and run the Limited AFSL efficiently
“We have noticed a big uplift in enquiries now that the accountants’ exemption has ended and Limited AFSL applications have closed. It is now all about Limited AFSL infrastructure – to both protect the licence and also to run it efficiently” says AccountantsIQ Director, Bronny Speed. “Accountants are looking for a streamlined, practical solution for the production of advice documents, so they can continue to spend the majority of their time doing what they do best … looking after their clients.”
3 vital areas for a practical solution
AccountantsIQ has identified 3 vital areas in which accountants are seeking a practical solution to assist them, whilst providing peace of mind their regulatory obligations are being met:
1. clear, well-articulated, to-the-point client friendly advice documents
2. strong compliance support which is essential for both running the licence as well as overseeing representatives, and
3. top quality technical support and training to ensure a high level of expertise is maintained.
Making the transition smooth and simple
“Our solution ticks all the boxes to make the transition to an ASIC environment as smooth and as simple as possible,” says Speed. AccountantsIQ is currently rolling out practical and interactive training sessions, not only to assist those who will still be providing advice, but also to those who no longer can since the accountants’ exemption ceased. “We have been delighted with the uptake of these sessions. Accountants who already have their own Limited AFSL, as well as those who have not yet had theirs granted are coming along, with the latter being pro-active in familiarising themselves with the advice documents, AFSL pro formas and registers so they will be well-placed once their AFSL is approved.” AccountantsIQ has also been surprised by the level of interest shown by existing comprehensive AFSLs for this documentation.
Proactive prompts when action is needed
In line with its view that an ongoing service offering should be a practical as possible, AccountantsIQ is also circulating pro-active information to assist accountants implement their new AFSL. Topics so far have included:
1. Business implementation suggestions relating to the compliant use of AFSL related designations
2. Where personal advice starts and factual information stops, and
3. Which advice documents are fine to cut, paste, add to or delete from versus those, like the FSG, whose format should remain in the compliant format in which it is provided.
“The team is passionate about providing really practical solutions for accountants, all electronically – via our website. We see ourselves as the providers of a comprehensive kit-bag of ongoing service essentials, whereby we pro-actively remind accountants when they need to take action. We have been delighted thus far by the level of interest shown over such a short period of time.” said Speed.
