Some frequently asked questions about Second Innings and our relationship with the SMSF Advisers Network Pty Ltd

What is the SMSF Adviser Network Pty Ltd?

SMSF Adviser Network Pty Ltd (SAN) is an Australian Financial Services Licence (AFSL) wholly owned by the National Tax and Accountants’ Association Ltd (NTAA) and was established to enable practising Accountants to continue giving advice to their Self-Managed Superannuation Fund (SMSF) client-base after the removal of the accountant’s exemption* on 1 July 2016.

What is the Accountant’s Exemption?

Prior to 1 July 2016, Accountants were able to provide their clients advice in relation to establishing a SMSF, making contributions to the fund, commencing a pension, establishing a contributions reserve, rolling over monies from another fund into an SMSF, asset class investment and entering into a Limited Recourse Borrowing Arrangement (LRBA) to fund investment in shares, instalment warrants and property.

Since the removal of the accountant’s exemption, all accountants are required to be licensed under an AFSL to be able to make recommendations about an SMSF for a client.

What does this change mean to Second Innings and the Service they provide?

As an Authorised Representative of the SAN, there is no obligation for Second Innings to sell any products or services to their clients such as managed investments, insurance or other related products.

For Second Innings being an Authorised Representative of SAN enables them to continue to provide a high level of customer service to their client-base with the backing of a reputable network in the NTAA and SAN including access to invaluable resources in providing that service.

What does this mean for me?

Being an Authorised Representative of SAN enables Second Innings Pty Ltd to continue to advise their client-base to not only to set-up an SMSF, but also to make contributions to the fund, commence a pension, rollover monies from another fund into the SMSF, establish a contributions reserve, advise on asset classes and enter into a Limited Recourse Borrowing Arrangement to fund an asset purchase.

If you are establishing a fund or wanting to enter into an LRBA, you will now be provided with a Financial Services Guide (FSG), Product Disclosure Statement (PDS) and a Statement of Advice (SoA) for consideration before it is set up.

If you are commencing a pension, contributing to your fund, considering a contributions reserving strategy or rolling over monies from another fund into your SMSF, you will be provided with a Notice of Advice (NoA) for each event.

What does the Financial Services Guide cover?

The Financial Services Guide (FSG) outlines the following information:

  1. How we provide advice to you
  2. How you will be charged for the advice that you receive
  3. Disclosure of referral fees
  4. Disclosure of associations and relationships
  5. Professional Indemnity Insurance
  6. The complaints process
  7. Privacy Policy
  8. Collection of Personal Information, how and why it is collected and security of that information
  9. Information regarding your Authorised Representative including their background experience and the products in which the representative can advise on.

What does the Product Disclosure Statement cover?

If you decide to go ahead with establishing an SMSF, you will be provided with a copy of a PDS which is an overview of what an SMSF is, what your obligations as a trustee of an SMSF are, information regarding what you can and cannot invest in within the superannuation environment and other relevant information relating to SMSFs.