As the demand for accessible, affordable financial advice in Australia reaches critical levels, a key question is gaining momentum:
Should accountants be allowed to provide financial advice, particularly around self-managed superannuation funds (SMSFs)?
The Context
Australia is facing a significant shortage of financial advisers.
Adviser numbers have dropped sharply in recent years, largely due to regulatory overload and rising compliance costs. In response, the federal opposition has proposed reforms that would allow qualified accountants to step into the advice space, most notably for SMSFs.
Shadow Financial Services Minister Luke Howarth, speaking at Momentum Media’s Election 2025 event, made it clear that the Coalition aims to increase the number of financial professionals to 30,000, and making it easier for accountants to offer advice is central to that goal. He said:
“Accountants are good people in relation to self-managed super funds… they should be able to give advice on setting them up [and] closing them down.”
CA ANZ’s Backing
Chartered Accountants ANZ (CA ANZ) has openly supported this shift, seeing it as a necessary move to increase Australians’ access to quality financial advice.
Susan Franks, CA ANZ’s tax and superannuation lead said:
“CA ANZ has been advocating for all Australians to have access to financial advice by allowing qualified accountants to provide it.”
Franks also pointed out the inefficiencies of the current limited licensing model, calling for a simplified regulatory framework to reduce compliance costs and expand access to advice.
Industry Division on the Topic
Not everyone agrees.
Some in the financial advice sector argue that easing restrictions on accountants could lower advice standards and potentially mislead consumers who may not differentiate between licensed financial advisers and accountants providing limited advice.
Phil Anderson of the Financial Advice Association Australia acknowledged the need for more advisers, but also emphasised the importance of maintaining high professional standards. He outlined how the future government needs to take substantive steps to fix the advice crisis pointing to ATO portal access and cost reduction as key priorities
The Bigger Picture
This debate is not just about who can give advice, it’s about how to solve the financial advice accessibility crisis. An ageing population, complex retirement regulations, and insufficient adviser numbers make it harder for Australians to navigate their financial future. Professional bodies like CA ANZ and the SMSF Association argue that enabling accountants, particularly those with tax and business expertise, to step in could help close the advice gap without compromising quality.
Meanwhile, the Coalition’s broader plan includes:
- Reforming education requirements for financial advisers
- Streamlining corporation’s law
- Reworking (or possibly abolishing) the Compensation Scheme of Last Resort (CSLR) to make it fairer for advisers
The Pros and Cons
Pros of Allowing Accountants to Advise:
- Helps address the adviser shortage and advice accessibility crisis
- Accountants are highly trusted professionals, often already providing adjacent services
- Can leverage their tax and business expertise, especially for SMSFs and related areas
- May reduce the cost of advice for consumers
Cons and Risks:
- Potential dilution of professional distinctions between accountants and financial advisers
- Risk of lower advice standards if regulatory requirements are eased too far
- Possible consumer confusion over qualifications and scope of advice
- Need for robust upskilling and ongoing education to ensure quality and compliance
Supporting the Profession—No Matter the Outcome
Regardless of which direction the government takes, we are positioned to support the financial advice sector through this period of change.
For financial advisers, H Connect International provides highly qualified and experienced paraplanners, enabling firms to outsource paraplanning and administrative functions. This significantly reduces barriers for advisers, making it a solid and viable option to maintain professional standards and business sustainability.
For accounting firms, H Connect International offers access to high-quality, experienced finance and accounting professionals. Our dedicated accounting training lead within our internal Learning and Development department ensures that accountants are upskilled with all necessary requirements, including:
- SMSF regulation and compliance
- Financial product advice standards
- Best interest duty and client needs analysis
- Risk management and ethical obligations
- Client communication and disclosure requirements
- Continuing professional development in financial services
This comprehensive support enables partner firms to deliver high-quality advice if accountants are called upon to step up as advisers, ensuring Australians continue to receive trusted, compliant, and effective financial guidance.
As the 2025 election approaches, the decision over whether to protect professional distinctions or prioritise access and affordability will shape the future of financial advice in Australia for decades to come.
Our team is well-positioned to empower both financial advisers and accountants, supporting the profession—no matter which path is chosen.
Reach out for a conversation on how we can help.
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