DomaCom has called on advisers to join forces with industry bodies seeking to create a more professional property investment advice sector.
DomaCom head of sales and marketing Warren Gibson is encouraging financial advisers, accountants and mortgage brokers to join the Property Investment Association of Australia (PIAA) or Property Investment Professionals of Australia (PIPA) in an effort to regulate the sector.
“Much has been written about investing in the property market, particularly in relation to the SMSF sector, with concern voiced from many quarters about its appropriateness and the lack of regulation surrounding property,” said Mr Gibson.
“If financial planners, accountants and brokers support these bodies and gain the credentials being offered, they can increase their client reach, extend their revenue potential and bring property into a regulated space.”
Mr Gibson said independent planners, accountants and mortgage brokers have an opportunity to “drive out the spruiker element” and give the sector “a better image”.
“[Also] giving consumers more protection through qualified advice and property recommendations,” he added.
PIAA and PIPA are two industry bodies established to help regulate the advice side and provide education and qualifications along with a code of professional conduct and ethics.
“This will help protect their client base and deliver better outcomes,” said Mr Gibson.
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 21 Aug 2016Risks flagged with real estate appraisal valuesBy Miranda Brownlee
- 21 Aug 2016Lawyer challenges ATO view on two fund strategiesBy Miranda Brownlee
- 18 Aug 2017ATO locks in details, addresses panic on real-time reportingBy Katarina Taurian
- 18 Aug 2017Data feeds unreliable for new reporting, says mid-tierBy Miranda Brownlee
- 18 Aug 2017Tax component confusion spurs potential tax liabilitiesBy Miranda Brownlee
- 18 Aug 2017Contributions triple in June quarter, survey showsBy Staff Reporter
- view all
- ATO locks in details, addresses panic on real-time reporting
The tax office has addressed several points of confusion with the new events-based reporting regime, locked in key deadlines, and outlined w...read more
- Data feeds unreliable for new reporting, says mid-tier
With an estimated 20 per cent of SMSFs still encountering errors from data feeds, one mid-tier firm believes the ATO should allow SMSF pract...read more
- view all