Younger SMSF trustees present financial advice opportunity
More than one third of new self-managed super fund (SMSF) members in 2011 were under the age of 45, according to recent Australian Taxation Office statistics, which the SMSF Academy said presents an opportunity for financial advisers.
Financial advisers who are "prepared to deliver education and advice in an engaged way that resonates with this web-savvy group" could benefit from the increase in younger members, according to SMSF Academy managing director Aaron Dunn.
Scaled advice is likely to be appropriate for this sector of the market, Dunn added.
The SMSF Academy also noted a slight slowing in the growth of the sector, with less new fund establishments in the December 2011 quarter than any quarter since June 2008.
However, the 33,114 new funds established represented a 5 per cent increase on the previous year.
Dunn said it was unlikely that the market had hit saturation point, and suggested the slowdown may be more due to a lack of direction on the part of Government and an accompanying loss of consumer confidence in retirement savings policy.
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