Last year the Government introduced legislation that changed the way accountants can deliver superannuation and SMSF advice. At the same time, significant changes were made to superannuation rules, making it important for clients to seek advice.
It’s a perfect storm in the making. You need advice, but without formalising the requirements of the new advice delivery guidelines you may not be able to receive it.
May I first assure you, that we at q4 have implemented all the new legal requirements. We are fully licensed to provide superannuation, SMSF and general financial planning advice. However, that’s only half of the story.
To be able to provide you with advice for any such matters, the government has set out a strict process that we are legally obligated to follow and these steps must be formally documented.
In short, before we can give you advice, we must provide you with a Financial Service Guide (FSG); conduct a Fact Finder interview to identify the advice you need; and document our recommendations for you in a Statement of Advice (SOA).
You will need to review, sign and return document to us, before we can action our advice or carry out our recommendations for you on any superannuation, SMSF or financial planning matters.
This process takes time – ours to prepare it and yours to consider it.
With the significant changes to the superannuation and SMSF rules, it is important that this documentation phase be completed as soon as possible. This will allow us enough time to carefully consider your needs and implement an appropriate strategy for you.
For example, contribution caps will significantly reduce from July 1 and you will very likely need advice about how to make the most of the current caps prior to June 30. You will also need advice about the impacts other rule changes will have upon your circumstances.
While change can cause disruption, ultimately the effort is worthwhile. The government’s core intention is to protect you so that you receive financial advice that is in your ‘best interest’.
While we have always held your best interests at heart, the new licensing allows us to consider your entire financial position – in alignment with, but also extending beyond, your tax and business compliance needs. This means that we can fully and seamlessly integrate your personal and business affairs to provide even greater value, and the support you need for achieving financial freedom.
The information contained in this article is general and is not intended to serve as advice. No warranty is given in relation to the accuracy or reliability of any information. Users should not act or fail to act on the basis of information contained herein. Users are encouraged to contact q4 financial professional advisers for advice concerning specific matters before making any decision.
A CPA and Director of q4 financial, Grant Titman brings leadership and the disciplined energy of an endurance runner to deliver ‘big picture’ outcomes for his firm and his clients.
Grant’s expertise includes and extends well beyond achieving profitability and growth for his clients’ businesses. His focus is squarely on helping his clients to achieve three key goals: extract wealth from their business; set and achieve long-term wealth objectives; and ultimately, enjoy financial freedom.