Planners fear SMSF collectibles burden
A significant proportion of financial planners have clients with artworks and collectibles in a self-managed superannuation fund (SMSF) and fear there will be an increase in the administrative burden due to proposed administrative changes, according to the latest Midwinter AdviserTECH survey.
Around 62 per cent of the 128 advisers surveyed had clients with some form of artwork or collectible in a SMSF, representing around 7 per cent of all clients, the survey found.
One-third of respondents thought proposed changes recently outlined by Financial Services Minister Bill Shorten (pictured) would have a large impact on the administration component of their SMSF service, and a further 41 per cent thought it would have a small impact.
Adviser comments suggested they would be less likely to recommend these assets be housed inside a SMSF, according to Midwinter technical services manager Tony Nguyen.
More than half of advisers said they would be likely to slightly increase fees to offset the extra administrative burden and a further 10 per cent said they were likely to increase fees substantially, the survey found.
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