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SMSF Works ASIC Licence

28 Nov 2016

After many months of frustration you will be pleased to know ASIC issued SMSF Works with its Licence effective 14 October.

We are well aware that many accountants have made the decision to refer their clients seeking SMSF advice to people with the appropriate experience and qualifications rather than obtain their own AFSL License or be licensed to someone else.

For Accounting firms wishing to refer their clients to experienced SMSF specialists, SMSF Works have implemented a referral arrangement that will allow the accounting firm to be engaged in the process without providing any personal advice.

Our referral partnership arrangement will include the following:

  • A Referral agreement setting out the relationship between the accounting firm and SMSF Works - The accounting firm will be the client of SMSF Works, the client is the client of the accounting firm.
  • A series of Fact Sheets providing "general advice" allowing the accounting firm to assist their clients without crossing the boundaries between personal advice and general advice.
  • Access to a series of calculators, currently under construction, that will assist your client in determining if a SMSF is right for them, if a limited recourse borrowing facility is appropriate for their circumstances and a pension calculator.
  • A process that will allow the accounting firm to be engaged with the client and be paid for their time should they wish to maintain this level of involvement.

I will be contacting you in the coming weeks to discuss this arrangement in more detail, however in the meantime, if anyone would like further information please don't hesitate to contact me.

We greatly appreciate your patience and support over the recent months and look forward to supporting and working with you in this new regulatory environment.

Please call if you have any questions.

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