SPAA slams hypocritical SMSF naysayers

SPAA slams hypocritical SMSF naysayers

The SMSF Professionals’ Association of Australia has said those who are critical of SMSF asset allocation should “look to the facts, not their biases”.

Graeme Colley, SPAA’s technical and professional standards director, said SMSF critics ignore the fact that some APRA-based funds allow members to put all their money in the top 300 ASX stocks.

“In recent days we have been told trustees are overweight in Australian equities, especially the fully-franked blue chips such as the banks and Telstra,” Mr Colley said.

“It wasn’t so long ago these same critics were pointing their fingers at SMSFs for holding too much in cash and fixed deposits. Then SMSFs investing in property gets a hiding. Why can’t they ever make up their minds if there is a problem with SMSFs?”

Mr Colley pointed to data published earlier this year by Rice Warner that showed that over the eight-year period from 2005 to 2012, the SMSF sector outperformed the rest of the superannuation industry in six of those eight years.

“With this armour to support the significance of SMSFs and the role they play in the superannuation industry, we now wait for the critics to fall on their swords,” he said.

SPAA slams hypocritical SMSF naysayers
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