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Licensing (RG146) for Accountants

Accountants' Transition to Advice - RG146 Accreditation

The Self-managed Superannuation Fund (SMSF) advice segment represents an enormous opportunity for Accountants to add significant value to their clients, through a position of strength, and to build their own business in an increasingly competitive financial services marketplace.

Accountant RG146 Training Programs

The Accountants’ Transition to Advice (TTA) programs are ideal for Accountants seeking (RG146) SMSF accreditation to meet new regulatory requirements following the removal of the ‘Accountants’ Exemption’. The FNS50615 Diploma of Financial Planning (DFP) is a core component of the pathway accountants are required to take in transitioning their business in to the area of providing financial planning advice to their clients.

The RG146 Accreditation is the first step in the process to become licensed.  Once the education component has been achieved you then need to apply to ASIC for your own Australian Financial Services License (AFSL) or become an Authorised Representative of an AFSL.

Accountants' Essential Advice Program

Ideal for Accountants who do not want to become a Financial Adviser and simply want to be able to establish or wind-up a Self-Managed Super Fund, as well as recommend superannuation contributions, pensions commencement etc.

The Accountants' Essential Advice (AEA) program is comprised of the RG146 Specialist Knowledge areas of Financial Planning (Advice), Superannuation, SMSF & Skills.

Accountants' Strategic Advice Program

Ideal for Accountants wanting to engage on a deeper level with their clients and provide strategic 'class of product' financial advice without recommending a product solution

The Accountants' Strategic Advice (ASA) program is comprised of the FNS50615 Diploma of Financial Planning (DFP) and the RG146 Specialist Knowledge areas of Financial Planning (Advice), Insurance, Superannuation, SMSF, Managed Investments, Securities & Skills.

What are the Programs & Study Options, and Program Fee structures?

Accreditation Program Areas of Study RG146 Compliance Attained Online Workshops ^  
Accountants' Essential Advice (AEA)

RG146 Subjects:

Financial Planning + Superannuation + SMSF

• Financial Planning (advice)
• Superannuation
• SMSF
• Skills

$999

 

$2,299

(5 days)

More Info
           
Accountants' Strategic Advice (ASA) Diploma of Financial Planning (4 subjects) + SMSF • Financial Planning (advice)
• Insurance
• Superannuation
• SMSF
• Managed Investments
• Securities
• Skills

Margin Lending (can be added upon request for additional fee)

$1,699

 

 

$3,499

(9 days*)

 

More Info

^ Groups of 5 or more may receive up a concession on course fees. Please contact info@integrity.edu.au with more details.

* The 9 day workshop has been tailored to take in to consideration an Accountant's professional and educational experience.  If participants choose to attend the public version of the same workshop program then attendance with be 10 days to accommodate a broader range of Participants.

Accountants' RG146 Advice Authority - what are your options?

When the Accountants' Exemption ends on 30th June 2016, those Accountant who provide services (and most likely advice) in relation to the setup, maintenance and pension-phase transition of SMSFs have the following options:

Option 1. Obtain and maintain a limited Australian Financial Services Licence (AFSL) - (Annual ongoing costs extimate at approx $35k pa.)

Option 2. Become, or recruit, an Authorised Representative of an Australian Financial Service Licence (AFSL) holder.

Option 3. Refer clients to Financial Advisers - enter referral relationships and partner with a Financial Adviser.

Option 4. Do nothing and provide no SMSF services - thereby, losing not only revenue but (potentially) clients to other Accountants who can service the client's full needs.

The most popular solution is...Option 1 (see article about ASIC & Accountant AFSL Application numbers November 2015)

It is important to research your licensing options as well as the RG146 training to ensure they are in line with the business goals you are trying to achieve. For example, if you decide to become an Authorised Representative with AMP SMSF Advice, you may need to undertake the Accountants' Strategic Advice (ASA) Program with Margin Lending to meet their internal compliance requirements. If you would like more information on licensing options, please call us on 1300 400 346.

Advice Authority Levels - which is the right solution for you?

The Accountants’ TTA programs provides full RG146 compliance to provide advice in the fastest growing segment of the superannuation industry - SMSFs. The Programs allow you to adopt a flexible business model to accommodate your client’s needs. The options within the Program provide choice for you to position your accounting business to provide strategic financial advice, and thereby lock in the longevity of the business and enhance its overall value for when you ultimately exit.

Rules from 1st July 2016 - limitations & restrictions if you are NOT RG146 Accredited?

You CANNOT do the following things without RG146 training and AFSL authorisation, even if you are a recognised accountant:

  • You cannot give any advice that relates to the particular assets or investment strategy of the SMSF, including whether the trustee should acquire or dispose of certain financial products or classes of financial product.
  • You cannot recommend that the client dispose of interests in another type of superannuation fund (such as an employer fund or public offer fund), or any other type of financial product, even if the recommendation is for the client to dispose of that product in order to establish or join a SMSF (for example, by rolling over funds from the other superannuation fund to the SMSF).
  • You cannot recommend that the client change the investment strategies or contribution levels of another type of superannuation fund. That is, you cannot recommend that the client stop contributing to an existing superannuation fund and instead make contributions into a SMSF. You cannot give advice to switch between investment options.
  • You cannot recommend that your client should not invest in other types of financial product.
  • You cannot recommend that your client join an existing SMSF unless that recommendation is reasonably necessary to, and an integral part of, advice about the establishment, operation, structuring or valuation of the fund.

Units of Competency (What's covered in the AEA Program?)

The Accountants' Essential Advice (AEA) program is ideal for Accountants who simply want to be able to continue to establish or wind up Self-Managed Super Funds for their clients as well as continue to recommend superannuation contributions, pensions etc.  The AEA is not designed for Accountants who want to provide holistic, broad-based financial planning advice about a client's investments or personal insurance needs.

Units of Competency

  • FNSASICZ503 Provide advice in financial planning
  • FNSFPL501 Comply with financial planning practice ethical and operational guidelines and regulations
  • FNSFPL502 Conduct financial planning analysis and research
  • FNSFPL503 Develop and prepare financial plan
  • FNSFPL504 Implement financial plan
  • FNSFPL505 Review financial plans and provide ongoing service
  • FNSFPL506 Determine client requirements and expectations
  • FNSASICU503 Provide advice in superannuation
  • FNSCUS505 Determine client requirements and expectations
  • FNSCUS506 Record and implement client instructions
  • FNSINC501 Conduct product research to support recommendations
  • FNSIAD501 Provide appropriate services, advice and products to clients
  • FNSSMS501 Invest self-managed superannuation funds assets
  • FNSSMS505 Support trustee in the selection and performance monitoring of outsourced services
  • FNSSMS601 Provide advice in self-managed superannuation funds
  • FNSSMS602 Apply taxation requirements to advising in self-managed superannuation funds
  • FNSSMS603 Apply legislative and operational requirements when advising in self-managed superannuation funds

Units of Competency (What's covered in the ASA Program?)

The Accountants' Strategic Advice (ASA) program is ideal for Accountants wanting to engage on a deeper level with their clients and provide strategic 'class of product' financial advice without recommending a product solution.

Units of Competency

  • BSBITU402 Develop and use complex spreadsheets
  • FNSASICZ503 Provide advice in financial planning
  • FNSFPL501 Comply with financial planning practice ethical and operational guidelines and regulations
  • FNSFPL502 Conduct financial planning analysis and research
  • FNSFPL503 Develop and prepare financial plan
  • FNSFPL504 Implement financial plan
  • FNSFPL505 Review financial plans and provide ongoing service
  • FNSFPL506 Determine client requirements and expectations
  • FNSFPL508 Conduct complex financial planning research
  • FNSINC401 Apply principles of professional practice to work in the financial services industry
  • FNSASICX503 Provide advice in life insurance
  • FNSASICU503 Provide advice in superannuation
  • FNSASICT503 Provide advice in managed investments
  • FNSASICW503 Provide advice in securities
  • FNSFMK502 Analyse financial market products for client
  • FNSFMK503 Advise clients on financial risk
  • FNSCUS505 Determine client requirements and expectations
  • FNSCUS506 Record and implement client instructions
  • FNSINC501 Conduct product research to support recommendations
  • FNSIAD501 Provide appropriate services, advice and products to clients
  • FNSSMS501 Invest self-managed superannuation funds assets
  • FNSSMS505 Support trustee in the selection and performance monitoring of outsourced services
  • FNSSMS601 Provide advice in self-managed superannuation funds
  • FNSSMS602 Apply taxation requirements to advising in self-managed superannuation funds
  • FNSSMS603 Apply legislative and operational requirements when advising in self-managed superannuation funds