Accountants expected to flood advice spaceBY LAURA MILLAN | MONDAY, 12 AUG 2013 11:15AMAn increasing number of accountants are expected to enter the financial planning space after realising that the effort it takes to get a limited licence is almost the same as it takes to get a full one. Related News |
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There is no way tax agents and the majority of accountants will be able to provide 'licensed' advice given the onerous demands now in place since the introduction of the FOFA reforms. They don't have the resources and won't want to spend what is needed to successfully transition their businesses. This whole saga is a storm in a teacup and there are good reasons accountants got left behind over 20 years ago when the life industry took the bull by the horns and ran with the wealth management/financial advice industry. Accountants/tax agents are tax people. Reactive and after the fact. Better behind a desk in the corner than standing out front. There won't be any new industries or starting again. If anything the current environment only highlights the days are numbered for these archaic cottage industries. Any accountant worth their salt would already be providing 'licensed' advice.
There is no way tax agents and the majority of accountants will be able to provide 'licensed' advice given the onerous demands now in place since the introduction of the FOFA reforms. They don't have the resources and won't want to spend what is needed to successfully transition their businesses. This whole saga is a storm in a teacup and there are good reasons accountants got left behind over 20 years ago when the life industry took the bull by the horns and ran with the wealth management/financial advice industry. Accountants/tax agents are tax people. Reactive and after the fact. Better behind a desk in the corner than standing out front. There won't be any new industries or starting again. If anything the current environment only highlights the days are numbered for these archaic cottage industries. Any accountant worth their salt would have been providing 'licensed' advice a long, long time ago.