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Being the trustee of an SMSF can be challenging. But while many SMSF trustees turn to their accountant for assistance, they can only provide advice on some SMSF-related matters, unless the are representatives (or have their own) financial licence.
At Xperion, we hold limited financial licence to ensure that we are truly qualified to give you the best advice, and at the same time are independent from investment providers.
To be able to setup and SMSF on your behalf, or to advise you on pension commencement, we need to provide you with a statement of advice.
This is to ensure that your personal circumstances are considered and you are provided with all relevant information to make the right decisions.
The Statement of Advice may begin by detailing your current financial position, your needs and objectives, and your attitude to risk. You may also find your planner’s reasons for giving the advice, possible risks and consequences of proceeding with the advice. It may also include an outline of why your planner believes the advice is in your best interests.
Whether you are considering starting or closing your SMSF, you should seek professional advice and obtain statement of advice (SOA). Note that only accountants like us that hold financial licence can advise you on the following:
Be careful of provider that do not provide you with statement of advice (SOA), as it is no longer legal to ensure your assets are protected.
If you would like to discuss any of the above, please contact our office.
The SOA, among other financial advice disclosure obligations, aims to ensure that your clients receive good quality advice and are able to make informed decisions.
In addition to providing factual information about financial services and products (general advice), they can help with:
Although accountants without an AFSL are permitted to provide execution-only services (like implementing an LRBA or investing assets) to an SMSF, they may require a Statement of Advice (SOA) from a licensed adviser before they will do so. This is to prove the accountant did not provide you with personal advice.
You may also find accountants who don’t hold an AFSL unwilling to comment on product recommendations in an SOA. However, they are still able to comment on the tax implications of making such an investment.