Accountants – the ‘Trusted Financial Adviser’ for many

Accountants are in the ‘box seat’ when it comes to personal financial advice as they are the Trusted Adviser for many Australians.  Clients look to their Accountants for not only taxation advice, but also other aspects of personal advice such as superannuation, investments and insurance.

To help clients meet their needs, Accountants need to be authorised to provide personal advice under an Australian Financial Services License (AFSL).

There is an enormous opportunity for small, medium and large-sized Accounting Firms to open up (in many cases) dormant revenue stream in their business – the provision of personal financial advice (as defined by the Corporations Act).

Accountants’ FASEA Fast-Track Program (AFP)

The Accountants’ FASEA Fast-track Program (AFP) is designed for Accountants who meet the “Existing Adviser” definition under Section 1546A of the Corporations Act.   If you meet this requirement, you may be eligible for up to 7 CREDITS towards the 8 SUBJECT FASEA Approved (AQF8 level) Graduate Diploma of Financial Planning (GDFP).

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Accountants’ New Adviser Program (NAP)

Accountants joining the industry from 2019 will be considered “New Financial Advisers”.  For most Accountants, this will require them to complete a FASEA Approved (AQF8 level) Graduate Diploma of Financial Planning (GDFP), pass a National Financial Adviser Exam, and undertake a Professional Year which will actually help implement the new Financial Advice stream in to their business.

The question is not “why should I have to do this?”  The real questions are:

  • Do I want to unlock the value within my clients and help be a fuller service provider?
  • Do I want to increase (and protect) the value of my business and have something of value to sell when I exit?
  • Why shouldn’t I do this?

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