Who can hold an Afsl?
accountants
Following statutory changes in 2016, accountants are legally required to hold an AFSL to provide any financial advice, particularly for dealings of self-managed superannuation funds such as the common provision of an investment strategy template.
What is Afsl compliance?
AFSL Compliance was established in 2010. We provide support to financial planning practices which hold their own Australian Financial Services licence or are looking to obtain their own licence.
How do I get an Australian financial service license?
To be eligible for this licence you must:
- meet approved qualification and competency standards and / or have practical experience.
- have sufficient financial resources to carry on the proposed business.
- be able to meet certain obligations as a licensee such as training, compliance, insurance and dispute resolution.
Do I need an AFSL to raise capital?
Generally, in order to raise private capital you will need an Australian Financial Services License (AFSL) and a compliant structure, such as a unit trust, for the proposed investment activities.
Do you need an AFSL for wholesale clients?
“I only deal with wholesale clients, so I don’t need an AFS licence.” If you are in the business of providing financial services, even just to wholesale clients, then you need an AFS licence unless an exemption applies.
How do I become RG146 compliant?
Certificate. A Certificate Financial Planning course is ideal for those interested in entry-level roles, as not only does it offer a fast and easy way to become RG146 compliant at the Tier 2 level; but it can also provide a solid foundation from which to advance your career.
How much does it cost to get an AFSL?
In our experience, applying for a new AFSL costs between $10,000 – $60,000 depending on its complexity. That doesn’t include getting all the legal documents in order, but if you buy a new business, you’ll want to review its legal documents anyway.
When must a FSG be provided?
The Corporations Act states that an FSG must generally be provided to the client as soon as practicable after it becomes apparent that financial advice is likely to be provided, but in any event within 5 days of proving the advice.
What must be in an SOA?
A document that sets out the advice given to a consumer by their licensed financial planner or adviser. It must include the basis on which the advice is given, details of the providing entity, and information on any payments or benefits the adviser or licensee will receive.