If financial advisers are keen on advising over matters related to SMSF, they must undergo specific training, feels the SMSF AMP division. It is a consensus that the quality of advice has enhanced over the last ten years or so but this said, there is a need for highly focused training as one attempts to unravel and find profits from an ever-on-move SMSF market.
Focussed SMSF training an imperative before giving SMSF advice
SMSF is as different as chalk is from cheese when compared to the APRA-regulated markets. It is one thing to give vague advice on the latter but with SMSF, financial advisers need to be specific about what they are talking and this kind of expertise can only be made possible through some serious training. How in the world, for instance, can you guide someone on the in-house asset rules or related party (arm’s length transaction) breaches?
Section of irate investors have called for training
Call for specific training has come up from sections of investors who feel they had been asked to choose an investment strategy which wasn’t suitable for them at all. The fact remains that only 1/4th of SMSF holders run to their accountants. The rest look for the services of financial advisers. In the current scenario, it then becomes imperative for them to be trained for the job in every sense possible.
