Accountants and financial planners need to compete and cooperate

accountants, financial planners, financial advisers, compete, cooperate, compliance, regulation, social licence, Class. CUP. Connect conference 2016 keynoteAccountants and financial planners have been told they need to both compete and cooperate.

Matthew Rowe, formerly Chair of the FPA and former CEO of Hood Sweeney Adelaide, gave the keynote address at the Class. CUP. Connect conference 2016.

Mr Rowe said there was a lot of commentary about accountants and financial planners being in competition, with the implication that the market for advice isn’t big enough for both professions.

“There’s a race on at the moment, if you listen to the commentators, there’s a race around who’s going to win – is it going to be accountants, financial planners?” Read more...

SMSFs increasingly turning to Exchange Traded Funds

SMSFs, Exchange Traded Funds (ETF), BetaShares, Class Super, Class CUP Connect conference 2016SMSFs are increasingly turning to Exchange Traded Funds (ETFs), according to Vinnie Wadhera, BetaShares Director for Institutional Business & National Accounts.

Mr Wadhera told the 2016 Class. CUP. Connect conference that there had been an “exponential, accelerated growth of investments in ETFs just in the last few years”.

He ascribed this growth to more choice being available to Australian investors, regulatory reforms – including FOFA and MySuper, requiring advisors to look at lower-cost options – and SMSFs. Read more...

Retirement advice a “huge opportunity” for SMSF professionals

retirement advice, smsf, superannuation professionals, Accurium, Class CUP Connect conference 2016A growing need for retirement advice presents an opportunity for SMSF professionals.

“As SMSF practitioners there is a huge opportunity here for you to service clients’ needs in retirement,” Accurium CEO Tracy Williams told attendees at the 2016 Class. CUP. Connect conference.

“Over half of all SMSF members are of an age that they could be retired.”

According to ATO statistics 250,000 more SMSF members will be eligible to receive a pension over the next ten years.

“Over 70% of all SMSF members who walk through your door might be interested in services you can offer them about obtaining confidence and security in retirement.” Read more...

2016 Budget super changes expected to be implemented as announced

2016 Budget, superannuation changes, Class CUP Connect conference 2016The superannuation changes in the 2016 Budget are expected to be implemented largely in the form announced, a superannuation conference has been told.

Liz Westover from PwC, formerly Head of Superannuation with CAANZ, told the Class. CUP. Connect 2016 conference that the Budget changes are expected to be implemented broadly as announced, though with some small changes.

“I think we will see this reform package come in pretty much in the form in which it was announced.”

There might be some “tweaking”, but most of the policies are likely to be implemented – with the support of the Labor party. Read more...

Online engagement with SMSF clients is essential, accountants told

SMSF clients, online engagement, accountants, Class Super, Class conferenceAccountants have been told that online engagement with SMSF clients is essential if they don’t want to lose customers to large financial institutions.

“We think that’s essential, we think that’s really important, we think that you should be using technology to engage more with your client base,” Class CEO Kevin Bungard told the second annual Class. CUP. Connect conference.

“We know that the large institutions are going to do that,” he said, attracting clients away from smaller firms. Read more...

Class Super gives SMSF auditors greater confidence in data feeds

SMSF audit, data feeds, bank feeds, ASAE 3402, ASA 402, Class Super, Class LtdClass Super has made it easier for SMSF Auditors to be confident in the information in data feeds.

Class has become the first SMSF data feed provider to have ASAE 3402 assurance, Class Ltd CEO Kevin Bungard announced at the Class. CUP. Connect. 2016 conference.

ASAE 3402 is the Auditing and Assurance Standards Board’s standard for Assurance Reports on Controls at a Service Organsisation.

Previously SMSF auditors could conduct an ASA 402 (Auditing Considerations Relating to an Entity Using a Service Organisation) review, though this was a lengthy and involved process. Read more...