Statements of advice that are poorly tailored to accountants or extremely delayed continue to be a significant issue for licensed accountants, according to an advice group.
Merit Wealth accountants services director David Moss said some of the dealer groups providing licensing to accountants don’t have a thorough understanding of the services provided by accountants and don’t have the systems in place to deal with the surge in SOA document requests from SMSF accountants at certain points in the year.
“Our group has processed 1,200 SOAs over the past 12 months and 700 to 800 of those were during the months of May and June only. So there was suddenly a massive surge of accountants seeking to get their SOAs out. Unless you’ve got the systems to process them quickly and efficiently, you’re going to have a big problem,” Mr Moss explained.