Our Broncos Leagues Breakfast Briefing was a fun, informative morning with accountants enjoying eggs benedict in a wonderful boardroom setting.

As well as great food we shared some interesting statistics of what is taking place in the industry.  There are greater than 480,000 Self Managed Superfunds and growing.  By 2028 for every $1 earned in fees in retail super an equivalent $5 will be earned in SMSF advising.  Given the demographics, the statistics and on-going challenges faced by advisers and trustees alike SMSF advising is rewarding both financially and professionally.

We looked at the effect the FOFA (future of financial advice) reforms will have on unlicensed accountants with the removal of the current “carve out” which ends on 30 June 2012.   Tips were provided that accountants should do to enhance their SMSF business offering and traps to avoid.   As we indicate on our website at Advising Accountants, accountants should:

• Decide whether to provide super advice or limit activities to administration only
• If advising and not financial planning then only look to provide superannuation and SMSF advice only
• Whether to hold a superannuation license directly or become an authorised representative of a licensee
• If doing the latter ensure that the licensee charges a flat fee model
• Complete relevant training that provides requisite specialist skills

Over coffee and fruit kebabs  we shared some strategies accountants who are mainly in administrative activities with their SMSF clients can increase revenue from those clients without:

• Any costs to themselves
• Any further study or training
• Expensive licensing and costs of compliance
• Joining firms offering “limited licensing facilities” for a fee
• Selling product under a dealer group

By working with Specialist SMSF advisers at AFA Wealth who provide the advanced strategies to their clients while they retain the existing tax and compliance work.

We illustrated some great advanced strategies that we could assist the trustees of their SMSF’s with,  including Limited Recourse Borrowing to acquire assets used in their clients business; acquiring property in a Joint venture arrangement with another trust they might have, using their Self Managed Superfund to acquire property internationally; borrowing to buy an investment property, improving the property under the borrowing rules, not to mention the use of reserves to deduct business profits as concessional contributions in excess of the contribution caps.

We had a tremendous couple of hours with the accountants saying many ideas were provided and they are looking forward to implementing them.

For accountants that missed out on this Breakfast Briefing (numbers are limited) don’t hesitate to contact us for the next Breakfast in your area!!