Increase in number of accountants getting licensed after July 1

InterPrac Financial Planning reports a spike in the number of accountants getting licensed since July 1 – the expiration date of the accountants’ exemption.

This is because the benefits of offering licensed financial advice outweigh any costs related to getting an AFSL license.

“Without an AFSL they are severely hampered in maintaining, managing and implementing long-term financial strategies and solutions for their clients – especially business owners and HNW professionals,” says Michael Gershkov, practice manager at InterPrac Financial Planning. “Manny accountants that opted for a partial AFSL have realized the obligations weren’t as onerous as first thought and in fact the full license would have been more appropriate,” he concludes.

Though regulations have changed, accountants take pride in their role as trusted advisers, both professionally and personally. And as accounting businesses evolve and become advisory businesses, it is essential that services like wealth management and financial planning are offered to clients if the practice plans on enjoying sustainable long-term success.

Mr Gershkov said the number of fully licensed accountants within InterPrac Financial Planning is expected to rise to over 200 advisers by the end of the year.