The company’s eponymous A.S.A.P. software was “developed in response to the removal of the accountants’ exemption from the financial services licensing regime” and was built using proprietary software which can “identify and segregate” financial decisions requiring licensed advice.
“By definition, self-managed super trustees like to make their own financial planning decisions, with the input of tax advice from their accountant, who now need to become experts in the technical rules about what’s in and out of licensing scope,” A.S.A.P. chief executive Jim Hennington said.
“Harder still, accountants need to weave this new compliance responsibility into their client conversations without losing their trust and engagement.”
The new platform “increases the likelihood that trustees will receive licensed advice when they need it” and help trustees save time and money when compared with traditional accountant referrals, Mr Hennington said.
A.S.A.P. would help SMSF trustees seek advice when appropriate while supporting public policy objectives.
“After all, it’s no secret that removal of the exemption didn’t trigger a flood of new licences nor did it prove a boon to existing financial planners,” Mr Hennington said.
“This can only mean that more trustees than ever aren’t receiving professional advice, quite the opposite of what the government intended.”
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