SMSFA calls attention to increasing demand for specialist advice
The SMSFA says the need for accredited specialists is now greater than ever and has pushed for more advisers to become accredited SMSF specialists after noting an increasing demand for specialised advice.
SMSFA chief executive Peter Burgess said feedback from SMSF specialist advisers indicated current numbers could not keep up with the growing demands of the sector.
However, Mr Burgess further pointed to the commercial and professional opportunities for practitioners who secure the necessary qualifications to service the SMSF market, which is approaching $1 trillion in assets and has more than 1.1 million members.
“Providing lifecycle SMSF advice requires an extended network of professionals working together for the benefit of the client – this can include accountants, auditors, lawyers, financial advisers, stockbrokers, actuaries and SMSF administrators,” he explained in a statement on Wednesday.
“These professionals become advocates for each other and a potential referral source for new business.”
Aside from the commercial benefits, Mr Burgess asserted that upholding the integrity of the SMSF sector is reliant on an increased pool of accredited specialists.
“We know an SMSF is not suitable for everyone, so it’s critically important existing SMSF members and prospective SMSF members have access to specialist SMSF advice,” he added.
According to the association, its insistence for more specialists is timely with the release of the 2023/24 edition of the SMSF education modules, which underpin the SMSF Specialist Advisor and SMSF Specialist Auditor accreditation programs.
The updated education modules are available to practitioners who enter either program on or after 1 August, with the associations confirming that they now include “drop-in” sessions.
Mr Burgess said that the accreditation is the “gold standard” within the SMSF advisory profession.
“Becoming an accredited SMSF Association specialist is independent recognition of your SMSF expertise and knowledge,” he said.
“These online sessions enable students to access valuable insights and develop a deeper understanding of technical issues, as they prepare for the exam.
“Our SMSF accreditation programs are also well-suited to aspiring young professionals in supportive roles, seeking to accelerate their journey towards becoming accomplished SMSF specialists or auditors.”
The Association’s announcement aligns with recent findings from Wealth Data, which noted the steady growth of SMSF establishments and the decline in adviser numbers have contributed to the shortfall in those who specialise in SMSFs.
From its analysis in May, the data insights company said the average balance SMSF per member then stood at $752,504, which was slightly up on the prior quarter’s $750,246, but down from its peak of $792,701 recorded for March 2022.
At the time, it also showed that in the last three quarters, SMSF windups had been low whereas establishments had been reasonably consistent.
