Thirty accounting practices have joined independently-owned financial planning and accounting group, GPS Wealth in the last 12 months, with more than 70 accountants attending the group’s two-day RG 146 course.
GPS Wealth has two licensing offers for accountants: a limited authority and a full authority. A limited authority has been the most popular option to date.
Certified Practising Accountant and co-founder of GPS Wealth, Greg Holman warned accountants not to leave it too late before becoming licensed and gaining any additional qualifications, given the removal of the accountants’ exemption was less than a year away.
“Demand for RG 146 courses is already ramping up and there’ll be an explosion of accountants looking to become licenced for the first time, ahead of July 1, 2016,” Holman said.
“Accountants who get licensed early can get a big jump on their competitors and demonstrate that they are a true leader in the accounting profession.”
To keep up with the demand, GPS Wealth is doubling the number of RG 146 courses it offers. From August, the group will run two courses per month. Courses cover the three key areas: generic knowledge, superannuation, and self-managed superannuation.
“Accountants are busy so they like the fact that they can knock over the RG 146 course in an intensive two-day workshop and have an enjoyable learning experience in the process,” Holman said.
In addition to the RG 146 courses, GPS Wealth offers an induction program which details the regulatory compliance framework and what will be required of accountants from July 1, 2016. The program also examines the financial planning opportunity and the various, practical options for accountants to offer comprehensive wealth management advice to their clients.
“The new licensing requirements should be seen by accountants as a tremendous opportunity to expand their service offer, provide a more holistic advice proposition, diversify and lift their revenue, and boost the valuation of their practices,” Holman said.
“A good quality adviser and accountant working together is a very powerful proposition for the client and will deliver improved outcomes. Accountants who partner with an independently-owned dealer group and/or suitably qualified adviser may also derive a significant increase in revenue.”
GPS Wealth currently provides licensing and dealer services to over 100 financial advisers and 70 accountancy firms nationally. It was recently named 2015 Financial Planning Licensee of the Year by independent research and consulting firm, CoreData.
Source: GPS Wealth
