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As you may be aware, changes were made to the law last year requiring accountants to obtain a financial services licence in order to provide financial advice.

 

The Macro Group has obtained a limited licence to provide retail and wholesale clients with certain types of financial advice.  The Macro Group invested in this licence process as it was deemed important to continue to provide holistic services to clients.  The Macro Group's main focus is to continue to provide business, tax and accounting advice and compliance services to clients.   If you request us to provide any of the limited financial services, we will need to provide you with some additional documentation when providing these services in order to comply with the law and regulations surrounding our licence.  In addition, we will set out our fees for these services which will be charged at hourly rates.  

 

The Macro Group has chosen not to be financially linked to any financial services firms.  The Macro Group receives no commission from any financial products. We believe that our clients still benefit from having an independent financial advisor not related to us that has a licence to provide the full suite of financial services.  We work with a number of financial advisors and receive no financial benefits from these advisors. We will continue to work with them and seek advice from these advisors for items that are outside of our licence.

 

The financial advice we are able to provide is:

 

1. Financial product advice for the following classes of financial products:

  • superannuation limited to:
    • self-managed superannuation funds;
    • a person's existing holding in a superannuation product but only to the extent required for:
      • making a recommendation that the person establish a self-managed superannuation fund; and
      • providing advice to the person on contributions or pensions under a superannuation product;

2. Class of financial product advice for the following classes of financial products:

  • deposit and payment products limited to basic deposit products;
  • life risk insurance products;
  • simple managed investment schemes;
  • securities; and
  • superannuation.

3. We can deal in a financial product by: 

  • arranging for another person to issue, apply for, acquire, vary or dispose of an interest in a self-managed superannuation fund.

 

Nicole Bryant is the authorised representative of this licence.

 

Please let me know personally if you have any questions in relation to this message.  We thank you for your patience while we implement these regulations.

 

Yours sincerely

Nicole Bryant and The Macro Group Team

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