She added she believes the government reforms will help to clarify the differing roles of accountants and planners.

“Most planners have relationships with accountants,” Bowler said. “I think planners need to have a discussion with their accounting partners and look towards forming a stronger referral pathway.

“The licensing regime is an opportunity to strengthen relationships between the two and clarify each person’s role. There’s an overlap between the two. Legislation is coming into play to clarify what accountants and planners do.”

Bowler added that as part of the changes, financial planners who provide tax advice would also be impacted.

“It is very difficult to separate out tax advice and financial advice,” she said. “There’s been an acknowledgement that the two are inextricably linked.”

Under the changes, financial planners will need to satisfy certain criteria to enable them to be able to provide tax as well as financial advice.