The National Tax and Accountants’ Association and Association of Independently Owned Financial Professionals has signed a memorandum of understanding (MOU) formalising what AIOFP executive director Peter Johnston has described as both a “commercial and political alliance”.

Addressing the AIOFP offshore conference in Phnom Penh, Cambodia, last week, NTAA Advice member advocate Phil Osborne said his organisation is seeking access to trusted relationships with financial advisers ahead of the removal of the accountant’s exemption, which is slated for July 2016.

“With the NTAA mission to serve its members, and the removal of the accountant’s exemption requiring accountants to look for options for the provision of SMSF advice, these changes have seen the NTAA add another element to our current member services – NTAA Advice,” Mr Osborne said

The NTAA is finalising an AFSL that will allow appropriately accredited members to become authorised representatives, and provide advice restricted to SMSFs.

Feedback from NTAA members has indicated many wish to continue providing advice restricted to SMSFs, with more than 90 per cent intending only to continue providing advice of the fund structure.

“This results in the need for trusted referral partners to provide advice relating to investments and insurance in the SMSF,” Mr Osborne said.