Continued …<\/p>\n
In our view accountants will find it very confronting when the accountants\u2019 exemption expires on 1 July 2016.<\/p>\n
Finance wise\u00a0takes the guess work out of the process with our unique LAR portal. Once the assessment has been completed a LAR will receive an authority, a password and a log in. This will enable a LAR to enter\u00a0initial\u00a0client contact details,\u00a0as soon as an email address is entered, the FSG is sent. Base one compliance completed automatically.<\/p>\n
The next step is to complete the Needs Analysis. The client contact details are already saved, the LAR will add assets, liabilities, income, expenses, superannuation details and risk insurance held inside the super fund. Once those fields are all completed a risk profile questionnaire is completed along with a 100 point check. Form then printed\u00a0and signed by the client. Second Base is completed.<\/p>\n
Third Base is the most complex aspect, this is\u00a0where you make your recommendations in a Statement of Advice (SoA). The data captured in steps one\u00a0and two\u00a0migrates into the SoA template and you are unable to proceed unless all fields are completed. Thus, you will justify your recommendation, complete an analysis of your client’s existing super funds and include your fees for\u00a0service. Your client considers your advice and then agrees to proceed, declines to proceed, or proceeds with variations to your advice by signing the SoA. The Home Run\u00a0occurs when the client receives your tax invoice (again an automated process). The client pays fwgs and you receive your client fee in the weekly LAR payment run. Yes weekly, we are advisers we understand cash flow.<\/p>\n
Now, I have made 8 \u2013 12 hours of work sound straight forward and it is with our system. If an accountant has some curve balls to deal with, then what? Ask yourself the question and feel the sense of dread.<\/p>\n