In June 2016, Sophie Grace assisted Southwest Superannuation Services Pty Ltd (Southwest Superannuation) to acquire a Limited AFSL to provide financial advice relating to self-managed superannuation funds (SMSF).
Southwest Superannuation is a related entity of Hancock & Associates, a Chartered Accounting firm that provides audit, accounting, business advisory, management consultancy and taxation services. Under the Future of Financial Advice (FOFA) reforms, from 1 July 2016 accountants who provide advice in relation to SMSFs are required to hold a Limited AFSL licence or be appropriately authorised under another entity’s AFSL.
The granting of Southwest Superannuation’s Limited AFSL will allow them to continue providing a wide range of advisory services, particularly in relation to SMSFs. Southwest Superannuation’s Limited AFSL also authorises them to provide class of product advice on:
- Basic deposit products
- General insurance products
- Life risk insurance products
- Simple managed investment schemes
“Being able to provide the above services to our clients is very important to our firm. After completing all the necessary educational requirements we wanted to ensure that the obtaining of a Limited AFSL was a quick and efficient process For this reason we sought the specialist services of Sophie Grace who handled the application for us in a very professional and timely manner. Sophie Grace handled everything from the application form to dealing with any issues raised by ASIC. Without their help the process would have taken a lot longer, been more time consuming for us and we would not have had the Limited AFSL licence in time to comply with the legislation. “
If you’d like to know more about Southwest Superannuation please feel free to ask us for an introduction.