“It was always going to become an issue, but now it is an issue,” Ms Bowler told SMSF Adviser.

“As they move through this [licensing] journey, they’re seeing this pain point with profiling. Does their authorisation allow them? How do they do it? And if they don’t do risk profiling, how do they do any kinds of projections going forward?”

Ms Bowler said the uncertainty around whether accountants are able to conduct risk profiling becomes an issue when they want to provide advice around superannuation contributions, because the accountant needs to be able to demonstrate that the client will be in a better position.

“So to do that, they might need to do some modelling but they need some anchor to base that modelling off. For planners it’s risk profiling,” she said.

Another issue with this is that most of the risk profiling tools in the market provide an asset allocation that is quite detailed in terms of class of product.

“For that reason, it wouldn’t be able to be provided if you only had super on your licence,” Ms Bowler said.

“We’re trying to find solutions at the moment. Hopefully, once we get a solution, [accountants] can move forward and give the advice, but it really is a bit of a stumbling block and causing a lot of angst because they just can’t get moving because of this one piece.”