Room for SMSF growth
Contrary to speculation that the self-managed superannuation fund (SMSF) sector has reached saturation point, there is still ample opportunity for growth and accredited specialists will have a distinct competitive advantage, according to SMSF expert Graeme Colley.
Speaking at the SMSF Professionals’ Association of Australia (SPAA) conference in Brisbane this morning, Colley said the sector has grown exponentially over the past 10 years, with the number of SMSFs doubling and their total assets increasing sevenfold.
Although Colley does not expect the sector to sustain this very rapid growth rate over the long term, he said there are opportunities for company directors, for example, to move into the SMSF space.
Key to attracting new types of clients to the sector, he said, will be instilling confidence in the Government, regulators, industry and consumers that SMSFs are attractive and sustainable investment vehicles.
SPAA chief executive Andrea Slattery outlined numerous initiatives the nearly five-year-old association plans to roll out this year in an effort to make this happen. These include introducing a new professional code of conduct and auditing guidance standards (developed in conjunction with the Auditing and Assurance Standards Board), new accreditation processes, helping members to increase their knowledge of the sector and launching a marketing campaign targeted at consumers.
“We see ourselves as a professional organisation with a focus on helping individual practitioners to succeed and be recognised for that success.”
AUTHOR
Mike Taylor
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