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Despite a "low enquiry rate" from members of the National Tax and Accountants' Association (NTAA) regarding referrals of clients for advice services, one association has tipped a last-minute rush as the end of the accountants’ exemption approaches.
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NTAA members tipped for last-minute licensing rush
19 November 2015
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The Association of Independently Owned Financial Professionals (AIOFP) has predicted a significant influx of referrals as the looming deadline approaches.
Late last year, the NTAA announced it will not be offering members a full AFSL option ahead of 1 July 2016 for having new licensing requirements in place.
Instead, the association has signed a memorandum of understanding (MoU) with the AIOFP for members to be referred to financial planners who are qualified as certified financial strategist (CFS) advisers.
In an email to members, AIOFP executive director Peter Johnston said that since the MoU was signed, a small number of NTAA members have looked to refer their clients to qualified CFS advisers.
He said, however, that given the cross-industry trend for very few accountants to actually seek out their own licensing solution or a referral arrangement, members should brace for a sudden rush of accountants looking to refer clients.
"Our suggestion is to get ready by qualifying as a CFS adviser and patiently wait," he said.
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"The ASIC website recently stated that they have received 220 applications from accountants seeking licensing, with around 60 licences being granted.
"Considering there are over 60,000 accountants, it would suggest that the majority have yet come to terms with the necessity to be licensed by 1 July 2016," Mr Johnston said.
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