Frequently Asked Questions

How can I apply to become an Authorised Representative?

Click HERE and complete our Online Application Form.

What does it cost to be authorised by SAN?

There is a flat dollar fee payable, based on the number of authorised representatives (ARs) in your practice:

  • First AR is $250 (+GST) per month
  • Second and subsequent ARs are an extra $125 (+GST) per month

These payments will be payable monthly via direct debit.

Application Fee

A $250+GST application fee is applicable upon applying. Once you have been successfully authorised your first monthly fee will be waived.

Government Charges

ASIC has imposed an industry funding levy, the cost is for each authorised representative (AR), and is estimated to be $960 per annum. This levy will be passed on in full to the AR. For more information, please click here. 

What do I get for my authorisation fee?

As the licensee, we need to ensure our ARs provide advice in a way that meets ASIC’s requirements.
To enable you provide advice, we will provide you the following:

  • Tailored Financial Services Guide (FSG)
  • Fact Finder template
  • Software to produce efficient and compliant Statements of Advice
    • A general asset class investment strategy
  • Compliance audits
  • Industry updates
  • Compliance, CPD and IT phone support
  • Discounted rate for NTAA Super Schools seminars

All document templates provided are regularly reviewed to ensure that the materials provided comply with the legislative requirements for providing licensed advice.

Does my accounting practice PI cover me for giving SMSF advice under your licence?

No. Please note that SAN has secured a competitive PI solution for all ARs and it is a requirement for all ARs to join this policy.

  • $700 (plus GST) per annum, per practice up to a maximum of three ARs; and
  • $250 (plus GST) per annum, for each additional AR thereafter
Educational Requirements (FASEA)

New education changes came into effect from 1 January 2019.
These changes mandate that ARs will need to obtain an approved degree prior to becoming authorised under an AFSL.

Existing advisers (i.e. those authorised under an AFSL by 31 December 2018) will have access to transitional arrangements that will provide more time to meet these requirements.

This means they will have until 1 January 2021 to sit an exam and 31 December 2023 to undertake a bridging course. In addition, existing advisers will not need to complete the professional year of supervised work and training. 

For more information, please see below:

Requirements

Education

Financial Advice Exam

Supervision

Existing
Before 1 Jan 2019

 Existing advisers can undertake a pathway to upgrade their skills to achieve the relevant qualifications by 31 December 2023, this pathway will likely be in the form of a bridging course from your existing qualifications. Current advisers have a transitional arrangement until 1 January 2021 to pass the exam. Existing advisers are not required to be supervised.

New
After 1 Jan 2019

 All new advisers will have to complete a bachelor or higher degree, or equivalent qualification before being authorised. New advisers will have to pass this exam before they can be authorised to provide financial advice All new advisers will have to undertake at least one year of supervised work and training.

 

What advice will I be able to give?

SAN offers authorisation to provide advice on SMSFs and superannuation, specifically:

  • Establishment of an SMSF
  • Pension strategies (TRIS and account based)
  • Contribution Strategies (concessional, non-concessional, in specie transfers, withdrawal and recontribution)
  • Transfer of business real property into superannuation
  • Withdrawals and commutations
  • Transfer Balance Cap
  • Limited Recourse Borrowing Arrangements
  • Provision of a General Asset Class Investment Strategy for SMSF trustees
  • Winding up of SMSFs
Can my practice be authorised to cover all my staff?

Anybody providing advice must be authorised individually.

The person providing advice to your clients must be authorised and will be held responsible for all advice given.

Can administration staff prepare documentation on behalf of an AR?

Yes. Preparation of advice documents and other non-advice administration can be performed by someone that is not authorised.

However, as per the above, the AR will be held responsible for all advice documents.

Importantly, no advice is to be provided by anyone who is not authorised.

If you are unsure about this please contact our compliance team.

Who owns my SMSF and Superannuation clients?

You retain client ownership.

What about CPD – do I have to do more than what I already do?

SAN’s CPD requirements align with the FAESA requirements. As an AR of SAN, you need to complete a minimum of 40 CPD hours per annum.  The CPD year runs from 1 January to 31 December.

CPD which you complete with another provider may be offset against your CPD requirement with SAN’s.

 

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