Self-managed superannuation fund software provider Class has partnered with an online financial adviser in a move that will give accountants the power to offer financial advice to clients without an AFSL.
Accountants working with SMSF clients will indirectly be able to provide financial advice via Plenty Plus, which operates on an AFSL.
Plenty co-founder Josh Golombick told Financial Standard that under the partnership, clients will access advice efficiently and cost effectively in terms of setting up an SMSF, buying property or establishing pensions.
Golombick added Plenty Plus however, does not provide SMSF clients third-party product advice.
Accountants will be able to direct clients to go online, fill in a form, answer a few relevant questions and receive automated advice instantly, he said.
Obtaining an AFSL is not very appealing for accountants and with laws changing from June last year restricting them from offering advice, this enables them to have a better relationship with their SMSF clients, Golombick said.
Class chief executive Kevin Bungard commented the importance of financial advice for SMSFs has been brought into sharp focus by the introduction of the super reforms.
The impact of the super reforms on SMFSs members and other investors frequently sees them needing advice beyond tax and compliance issues, Bungard said.