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Retirement

Your accountant may soon provide financial advice too

By Grace Ormsby · September 17 2019
Reading:
egg

Retirement

Your accountant may soon provide financial advice too

By Grace Ormsby
September 17 2019
Reading:
egg
Accountant and client meeting

Your accountant may soon provide financial advice too

author image
By Grace Ormsby · September 17 2019
Reading:
egg
Accountant and client meeting

Your accountant might soon be able to dish out financial advice, if proposed reforms to licensing from the Institute of Public Accountants (IPA) are accepted.

A statement from the professional accounting body noted that the Future of Financial Advice legislation “has failed to deliver affordable financial advice, denying many people access to appropriate advice leading into their retirement”.

It indicated that “all Australians should be able to get limited financial advice and support from their trusted adviser, the accountant”.

Commenting on the need for a limited financial advice model, IPA’s chief executive officer, Andrew Conway, said that “the Productivity Commission observed that 48 per cent of Australian adults indicated having unmet financial advice needs”.

“So, obviously there is an advice gap in Australia which needs to be addressed,” he said.

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The CEO explained: “The IPA has developed a revised financial services licensing regime for accountants which recognises their existing qualifications and experience.

“Our members are answerable to high levels of professional and ethical standards, subject to ongoing quality assurance evaluations, and must maintain currency of knowledge through committed and continuous professional development and training.

“It, therefore, makes perfect sense for public accountants to fill the financial advice void, unshackling them to have genuine discussions with their clients.

“We believe it is the right time to introduce a new, extended accountants’ exemption.”

Your accountant may soon provide financial advice too
Accountant and client meeting
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About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

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We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

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About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

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