Integrity Compliance director Rhett Das has a pretty simple message to advisers thinking of setting up their own AFSL: don’t do it unless you're really into details.
Das has worked with numerous advice businesses looking to self-licence and in some cases, they were simply unaware of the amount of paperwork involved. Speaking at the 2018 Financial Planning Association Congress, Das said that even at the application stage, there's a pretty heavy admin burden.
How to apply
At the outset, you'll need to provide multiple documents including a business description, a table of organisational competence, financial statements (profit and loss, balance sheet and cash flow projections), references and potentially other proofs if you, for example, want authorisation to trade in derivatives.
The other thing? There's no set timeline for approval even if you get everything “right”. While Das said he'd seen applications progress in a matter of weeks - he said this was “almost
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