Pressure on professionalism sees jump in take-up of SMSF accreditation
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The Self-Managed Super Fund Professionals' Association (SPAA) is about to update and extend its education and accreditation program amid evidence of higher demand from planners.
SPAA said that demand for specialist self-managed super fund (SMSF) accreditation appeared to have jumped dramatically in response to Future of Financial Advice and Cooper Review reform recommendations.
SPAA offers specialist accreditation of SMSF professionals for both advisers and auditors. It recorded a 20 per cent jump in advisers completing the program over the six months to 30 June, 2010, while there has been a 330 per cent increase in auditors completing the accreditation in the same period.
“Professionals working with SMSFs are recognising the importance of lifting competencies and being recognised as a specialist,” said SPAA chief executive Andrea Slattery, who added that this increased demand for accreditation followed recognition of the need to improve professional standards in the Cooper Review and Future of Financial Advice reforms.
She said SPAA would soon release updated education standards as part of its specialist accreditation program, which covers a broader range of competencies including investment strategies, managing risk and superannuation choice.
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