Who do you turn to when you need self-managed super fund advice? Most people rely on the recommendations of a professional when making decisions about their SMSF. Just because someone claims to be a financial expert doesn’t necessarily mean they can legally provide the information you need. Make sure you’re trusting your financial future to a licensed professional who operates within the law.
SMSF Advice & Australian Law
Accountants have always been limited when it comes to providing advice related to self-managed super funds. As of July 2016, those limitations increased even more. Anyone who works in finance is required to have an AFSL or Australian Financial Services License. This allows them to provide advice and services in three main areas:
- Compliance & Regulations
That sounds like a pretty broad reach, but it is actually quite limiting when you consider the specific questions that clients often ask.
A Change in the Way Accountants Work
In years past, the law was far more liberal when it comes to what an account can do without a license. As regulation increases, those unlicensed professionals will become far more cautious when discussing client’s accounts. Prior to July 2016, many accountants didn’t worry about the possible legal backlash of providing advice related to SMSFs. The new law lifts the false sense of protection they once relied on, which means they will have to be very careful about what they say to clients.
The change may not be noticeable at first. Non-specialists accountants working in smaller firms will likely continue to provide the same advice and services that they always have. This probably won’t change significantly until the Australian Securities and Investments Commission (ASIC) steps in and starts investigating reports and taking action.
Trust Your Finances to a Licensed Accountant
As a client, you want to rely on a professional who can provide the best advice, has the most knowledge and experience, and who operates legally. Brian and the team at BIS Cosgrove are licensed accountants who offer comprehensive advice that can help you make better decisions about how and where you invest your money.
We are focused on providing the best service to our clients, and a part of that commitment involves understanding the law and working within it. Whether you have questions about starting an SMSF or need help managing one, we are here. Contact us today to learn more about your investment options or for answers to other financial questions.