Australian fintech start-up, A.S.A.P, is launching a digital advisory platform for SMSFs in response to the removal of the accountants’ exemption from the financial services licensing regime.
A.S.A.P chief executive, Jim Hennington, said that the eponymous platform had been developed to fit the changing needs of SMSF clients and accountants.
“We… have found a way to use technology as the elegant solution to disruptive changes in the law,” he said.
“It helps SMSF trustees and their accountants, while supporting an important public policy objective.”
Hennington said plenty of SMSF accountants had yet to decide whether to refer client questions to licensed advisers in the period from 1 July, or whether to become licensed themselves.
“Self-managed super trustees like to make their own financial planning decisions with the input of tax advice from their accountant — who now need to become experts in the technical rules and what is in and out of licensing scope,” he said.
“Accountants need to weave this new compliance responsibility into their client conversations without losing their trust and engagement.”
The platform would incorporate proprietary software cool, CoCo, at the forefront of its online service.
Hennington said: “CoCo allows the platform to seamlessly integrate with existing SMSF client consultation processes.”
“[This] saves an enormous amount of time and money for SMSF trustees compared to the conventional accountant’s referral,” he said.
