Planners urged to alter SOAs
Peter Bobbin
Financial advisers need to update their Statements of Advice if they are to safely take advantage of changes to superannuation laws, The Argyle Partnership partner Peter Bobbin said this week.
According to Macquarie Investment Lending and The Argyle Partnership, the changes to superannuation laws are “fantastic” because they allow advantages such as gearing for consumers whether they are in multi-member or self-managed superannuation funds.
However, Bobbin warned consumers that if advisers don’t talk about the risk of gearing, “you should move to another fund”.
Gearing can be used to increase superannuation funds as long as investors and advisers are careful to keep their investment strategies within the letter of the law, Bobbin said.
“Everyone’s talking about self-managed super funds [for gearing products], but I know there are a number of people who are looking at multi-member funds” he said.
“These products exist,” he added.
He warned superannuation funds that they “must update their investment strategy if they are going to borrow”.
AUTHOR
Mike Taylor
Recommended for you
As the government announces a public inquiry into the collapse of Dixon Advisory, risk adviser Richard Silberman has detailed the three areas that typically lead to an AFSL's collapse.
With a growing number of advisers now running their own business, they need to pivot their career identity to being a business owner rather than just as a financial adviser if they want to futureproof their business.
Zenith Investment Partners has launched a range of new managed account portfolios over the past quarter, including on Insignia Financial’s Expand platform.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
