Role of specialist advisers never greater, says SPAA
The Federal Government's proposed changes to the Future of Financial Advice (FOFA) legislation has highlighted the need for better access to specialist self-managed super fund (SMSF) advice, according to the SMSF Professionals' Association of Australia (SPAA).
Assistant Treasurer Arthur Sinodinos introduced late last year the changes which he said would cut back some of the compliance measures of FOFA in its original form, as well as cut costs to consumers.
SPAA director for technical and professional standards Graeme Colley said the changes supported the association's argument that the role of specialist advisers — especially in the SMSF and broader superannuation space — had never been more important.
"The fact is superannuation legislation changes continually and trustees need to have advisers who are across what's happening in the industry," Colley said.
"At a time when the SMSF industry is growing apace and more advisers are entering the space, having accredited specialists has never been more critical," he added.
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