Trustees misrepresented as ‘dark force’: legalsuper
Industry debate surrounding SMSFs has become excessively heated, with SMSF trustees being misrepresented as a “dark force”, according to industry fund legalsuper.
Legalsuper’s chief executive, Andrew Proebstl, said public bickering about SMSFs is failing to serve any sector and is being viewed as “nothing more than a turf battle”.
“We are in a competitive market, an increasingly sophisticated market, where people have to choose the products that suit their circumstances,” Mr Proebstl told SMSF Adviser.
“I don’t think it’s the place of our fund or any other fund to tell people that our way is the best way to invest,” he said.
However, Mr Proebstl said statistics relating to SMSFs are also being exaggerated in the sector’s favour.
“You have people hysterically saying things like SMSFs are the fastest growing sector of the industry, and they are, but the rate of growth in funds under management for SMSFs is only one or two per cent above that of the industry funds in the last 10 years,” he said.