The FOFA reforms that will apply from 1st July 2016 provide new opportunities, and challenges, for both accountants and financial advisers seeking to develop their SMSF advisory platform.
The new limited AFS License will allow accountants and advisers to provide financial advice on SMSFs and class of product advice about superannuation products, securities, simple managed investment schemes, general & life insurance and basic deposit products.
What is your firm doing over the next 12 months to ensure that you don’t miss the boat?
Some of the key actions that you should be considering:
- Develop your business plan for the next 12 months – include quantitative objectives, marketing and sales strategies, training requirements and internal systems and processes.
- Decide what SMSF services and functions you want to keep in-house and which will be outsourced e.g. client advice, fund administration, annual returns and audits
- Ensure SMSF compliance is well managed within the firm
- Arrange meetings with outsourced service partners including financial advisers and develop implementation strategy
- Determine which accounting staff should complete RG146 certification and arrange training.
- Train your accounting staff to identify opportunities to help clients
- Develop client engagement strategies to maximise the value of your SMSF service platform e.g. discovery meetings, database mining
- Develop marketing strategies to engage your business and general community as thought leaders and experts in SMSF strategies e.g. articles, seminars, blogs, webinars
- Review progress on a quarterly basis. Prepare up front for the new SMSF environment from 1st July 2016.
- Attend our upcoming 2 part online program ‘Grow Your Firm’s SMSF Advisory Platform’
In this 2 part program, we’ll explore the options that both accounting and financial advisory firms should be considering in relation to SMSF Advisory services. We will outline the key steps to building a strong SMSF advisory platform including:
- Service delivery options and strategies
- Training and Software options
- Marketing and client engagement strategies
Dale Crosby, Director, Training Beyond Accounting | www.trainingbeyondaccounting.com.au