Financial Advisers - Find New Referral Opportunities
Recently, we have been receiving more inquiries from individual financial advisers and licensees, who are seeking ways to exploit the gap in the adviser market for accountants.
The data below highlights the issues across this Accounting - Limited Advice (restricted to SMSF) sector. What we have seen is a large number of accounting firms that commenced a restricted SMSF AFSL, but now finding it hard to mange the process and particularly, maintaining qualified advisers. While at a licensee level, they may look small, i.e. limited number of adviser per licensee, many are actually relatively large accounting firms.
Table above highlights the closure of 263 Accounting - Limited Advice licensees and resulting loss of advisers. Currently, there are some 303 Licensees across the Accounting - Limited Advice (SMSF) sector with 299 licensees operating with less than 10 advisers.
If you want to access the ‘closed licensees’ - contact us directly
As they are restricted to SMSF Funds, the vast majority of the advisers attached to the Accounting - Limited Advice licensees are not authorised to provide investment advice for managed funds via and IDPS / WRAP Account. Secondly, few have advisers that are authorised to provide risk insurance advice. As their client’s circumstances change and investment / risk advice is required, they will need to refer their clients onto appropriately qualified advisers.
Using our dashboards and database - advisers can quickly find the current licensees with a view to opening a discussion to help them with financial advice and or / risk only advice. The licensees identified can be sorted in different ways, including by state and post code range.
The opportunity isn’t only for licensees operating a restricted SMSF style AFSL.
There are other licensees, such as those who specialise in investments who would would need support for a specialised risk insurance adviser. Using our tools you can quickly sort through small licensees and discover which ones have little to zero authorisations to provide risk advice. As of May 5, 2022 data, there was 476 Licensees that existed and did not have one adviser authorised to provide personal risk advice. This for small licensees with between 1 and 19 advisers.
Below is a short video highlighting how the tools at the Members Lounge can assist.
To join the Members Lounge, currently only $95 per month, and no long term commitments, complete the online form below for immediate access. If you have any questions in advice, please call or email.
Enter promo code 50%MONTH1 for 50% discount on first month Selecting 'YEARLY' cost is only $950
