Advisers must update client’s trust deeds ahead of super reforms
Financial planners and accountants need to better understand how regulatory changes need to be implemented into the self-managed superannuation fund (SMSF) governing rules which reside in the SMSF trust deed and its ancilliary documents, according to NowInfinity.
Chief executive of cloud-based documentation platform Now Infinity, Amreeta Abbott, said significant changes to SMSFs made the update crucial.
“It cannot be assumed that if a transaction is allowable under the legislation that it will be allowable under the trust deed,” she said.
“To make that assumption can be a very expensive process especially with the trustee administrative penalties and charges.”
Abbott said the trust deed was the most important document when it came to stipulating the governing rules of an SMSF, and new offerings would be needed to accommodate all super reforms, as well as add a stronger focus on estate planning protocols.
Recommended for you
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.
Sequoia Financial Group has seen a top-level reshuffle as the chair of the board, John Larsen, steps down after five years in the position.
As statements of advice move into the rear-view mirror, Vital Business Partners explores how financial advisers are adopting innovative documentation strategies.
Adviser Ratings has explored whether there is a financial benefit to advice firms seeking to have a specialised client base in terms of client assets and fees charged.