The SMSF profession that has emerged over the past few years is proving to be a significant new professional career pathway for young Australians, says Andrea Slattery, Chief Executive Officer/Managing Director of the SMSF Professionals’ Association of Australia (SPAA). “Built on the solid foundations of the $560 billion SMSF sector, this profession is providing exciting opportunities for those who have accounting, legal, tax and financial services backgrounds, for example, and are now extending their skills and training to become specialist SMSF advisors. “These advisors are now using their previous professional experiences to build efficiencies in their service, advice and product development offerings – and SMSF trustees are the beneficiaries.” Slattery says

that in SPAA’s submissions to the Parliamentary Joint Committee inquiry into the professionalism of financial advice and the Financial System Inquiry (FSI) the organisation stressed that there is an emerging SMSF profession where people from a number of different disciplinary backgrounds are specialising in providing advice and services to SMSFs that have become the focus of their advice services. “The emergence of this profession was also highlighted by the recent research report authored by SPAA and Macquarie that showed that for many professionals in this area their primary profession has become SMSF advice and their traditional profession is becoming secondary, while still supporting their role, but used as a base on which to build their high level competencies as an SMSF professional advisor. “This rise of the SMSF profession is a direct response to SMSF trustees who are demanding more specialised and trusted advice to achieve their retirement income goals by self-managing their superannuation.” To keep building the professionalism of this emerging professions, and the broader financial advice profession, SPAA has recommended five areas for fostering greater professionalism: o Adequate and appropriate education and experience requirements. o A co-regulatory approach to regulating financial advice. o Requiring professional association membership for market participants. o Maintaining high ethical and professional conduct standards in the financial advice profession that each individual must be personally accountable for. o Establishing professional remuneration models. About SPAA The SMSF Professionals’ Association of Australia (SPAA) is the authoritative voice for the self-managed superannuation fund (SMSF) sector. SPAA, which represents professionals providing a range of services across various disciplines in the complex area of SMSFs, is an advocate for the highest professional standards and competence to ensure SMSF trustees always receive the best possible advice. End. Media Nicholas Way Shed Media M: 0409 585 979 E: nway@shedmedia.com.au

October 13, 2014

SMSFs offering professionals an exciting career path: SPAA

The SMSF profession that has emerged over the past few years is proving to be a significant new professional career pathway for young Australians, says Andrea […]
October 13, 2014

US Residential Fund comes to market

IPO offers portfolio of US houses with exciting growth prospects Retail and institutional investors have the opportunity to tap into a recovering US residential property market […]
October 12, 2014

PM CAPITAL appoints new names for key funds

Boutique equity and income manager, PM CAPITAL, has renamed its three equity funds to better communicate the funds’ investment strategies to investors. In summary: PM CAPITAL […]
October 9, 2014

‘Recruiting Season’ in full swing at Premium

-three new practices sign up With recruitment and trade season in full swing for many of the major football codes following the completion of the finals […]
October 4, 2014

Johan Cruz to head Premium’s compliance

Premium Wealth Management has announced the hiring of Johan Cruz from IOOF to head Premium’s compliance. Cruz is a respected and experienced compliance operative, who has […]