Author: Michelle Griffiths, Partner, TAG Financial Services
Superannuation funds and the starting of pensions are considered “financial products” and any advice relating to these needs to be provided by a licensed financial planner. This can sometimes lead to confusion, as often the accountant involved certainly know the information required to talk to your clients about these topics. However, we need to take care not to “step over the line” between what is general information to your client, and financial advice (that you need to provide as a licensed advisor with a Statement of Advice).
I’ve created the following table that includes several services that accountants are likely to undertake, and how they may fit into the financial services rules. Keeping in mind that the areas that require a financial services licence to be able to provide such advice also will require a statement of advice to be prepared for the client for the financial planner to be able provide this advice to the client as well.
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Disclaimer: The information contained is general in nature. Professional advice should be sought before acting on any aspect on this page. Financial planning services provided by TAG Financial Advisors Pty Ltd (ABN 77 154 205 017 AFSL 415632), a wholly owned subsidiary of TAG Financial Services Pty Ltd (ABN 67 075 374 686). Copyright 2022. Please do not reproduce without the expressed written consent of the author.