Specialist SMSF advice recognised by FASEA
There is growing recognition of the importance of specialist advice for self-managed superannuation funds (SMSFs), as the latest draft guide from the Financial Advisers Standards and Ethics Authority (FASEA) has highlighted the need for it.
The organisation highlighted part of the Q&A from FASEA’s new draft guide, which said: “As an adviser, I have basic knowledge in SMSF that I learnt when undertaking an approved Graduate Diploma. My client has requested specialist SMSF advice involving a number of complex issues. Should I provide the advice to the client?
“Answer: In these circumstances, it would be appropriate for the adviser to seek the assistance of another adviser with the specialist SMSF skills before giving advice or refer the client to another adviser with the necessary competency. If the adviser wished to give this type of advice in the future, they should undertake additional SMSF specialist study and training before doing so.”
John Maroney, SMSF Association chief executive, said it was Association’s “mantra” to raise the standards of SMSF advice via specific educational programs as part of its mission to lead the professionalism of the SMSF.
“It’s gratifying that a growing number of advisers are seeking to enhance their specialist knowledge, realising that by doing so they are enhancing the viability of our superannuation sector,” Maroney said.
“This is particularly relevant at a time when the broader superannuation industry is focussing on performance and fees.
“One outcome could be a growing demand for SMSFs, so it’s important advisers are qualified to determine the appropriateness of SMSFs for their clients and, if they proceed, to be able to handle complex issues that may later arise.”
The Association had also seen increased demand for its SMSF Specialist Adviser (SSA) program.
“Over the three-month period to 30 September 2020, the number of practitioners registering for the SSA program has increased by more than 40% compared with the previous three-month period,” Maroney said.
AUTHOR
Chris Dastoor
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