SMSF industry should take charge of professionalism
The self-managed superannuation fund (SMSF) sector has left it to the government and other third parties to determine the nature of what the profession looks like, according to the SMSF Association outgoing chief executive and managing director, Andrea Slattery.
In a call to arms to the SMSF profession and industry, Slattery used her final opening as CEO address at the 2017 SMSF Association conference in Melbourne on Wednesday to urge members to desire co-regulation, and take charge of becoming professionals and role models for future generations.
"Too often in the past, parts of our industry preferred to pull back towards the lowest common denominator instead of making the tough decisions to move forward into a new professional era," she said.
"Often fear, costs, and efficient systems design were reasons for the focus on products instead of people and the building of a profession. It is time to take control."
Slattery said auditors, advisers, accountants, and administrators had an obligation to traverse the difficult road of maintaining standards, raising competency, and increasing knowledge.
"It is absolutely necessary. To think otherwise is delusional. Truly professional advice will create trust with your clients. It will help them make better decisions," she said.
Slattery said the responsibility fell upon them to solidify the profession by bringing everyone in the supply chain into the professional fold, from those at the entry administrative level to those in the strategic advice level, while also leveraging opportunities at all levels of the business.
"Don't settle for mediocrity because it is safe or what the government sets a baseline for you — be the cornerstone in creating your future profession. Take a good honest look at the opportunities before you," she said.
"It will lead to a better outcome for you and the SMSF industry. It will set you apart in a crowded market."
At a thought leadership breakfast earlier in the day, Slattery lamented the fact that the government had to establish a statutory body and a standards setting board to oversee the educational standards for advice.
"The fact that the government has had to put something in place with a central key as a code of ethics is something that I think we should all question as a nation that we had to do that in the first place," she said.
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