Planners challenged to get SMSF savvy

As fears continue to simmer that many financial planners are ill equipped to deal with the requirements of providing advice on self-managed superannuation funds (SMSF), listed education provider Tribeca has enhanced its SMSF education offering.

Tribeca last week launched three new SMSF courses through a partnership with SMSF education provider the Strategist Group, which Tribeca acquired earlier in the year.

Tribeca chief operating officer John Prowse said two of the courses, which contain some content already offered by Tribeca, have had their material consolidated and revised. He said a new course, which covers more complex issues like estate planning and more advanced investment strategies was still in development.

He said the need for financial planners to understand SMSFs is becoming ever more vital.

“In 2004 growth in SMSFs was 24 per cent, total funds under management in the sector are well in excess of $103 billion and over the past four or five years there has been a marked decrease in the use of corporate funds,” he said.

Regulators have warned that they will be cracking down harder on SMSF administration and advice in the new choice of funds environment. The launch also comes as some planning groups and the SMSF Practitioners’ Association of Australia are calling for compulsory SMSF specific accreditation for advisers.