Specialist SMSF advisors help people who want to manage their own super make sound financial decisions and progress confidently towards their retirement goals. They help people plan ahead and get ahead. They also prioritise financial actions in a way that’s arguably more tailored to an individual’s needs than, say, a broker or accountant – even though accountants and brokers can sometimes offer limited SMSF advice.
What makes SMSF advisors different?
They’re licensed, and they have a professional understanding of legal, financial and tax compliance related to SMSFs. They’ll also typically have an Australian Financial Services licence number and be registered on the Australian Securities and Investment Commission (ASIC)’s financial advisors registry.
Financial planning for your life.
We’ll take the time to understand where you want to go and give you options to get there.
Who do they help?
Usually, self-managed super funds are more suited to people with lots of super who want more control. They also tend to have a general understanding of the financial and legal side of things, as well as more time and resources to devote to what can be a very involved and time-consuming task.
SMSF advisors are not considered legally responsible for decisions about SMSF funds, so it’s vital that the fund owner understands their legal responsibilities and investments. All the more reason to hire a professional with SMSF expertise.
Here come the robots – or not
If you’re looking into becoming an advisor, you may be concerned about the forecast of automated advisors eventually making human advisors obsolete. Fear not! Automated online advice may be cheaper than seeing a real advisor; however, there are limits to the quality and capabilities of this software. At the end of the day, when it has something to do with your nest egg – and your future – wouldn’t you rather speak to a real person?
A day in the life.
Heading into the office as an SMSF advisor means wearing lots of different hats. An SMSF advisor on a typical day might:
- manage client relationships, and learn more about clients’ needs
- help clients design or update their financial plan
- advise clients on matters of insurance and protecting against risk
- ensure tax law compliance, and minimising leaks and losses through tax consultancy advice
- offer objective third-party opinions on investment strategies
So what qualifications do I need to be an SMSF advisor?
Demand for SMSF-accredited advisors is increasing. Becoming an SMSF advisor is becoming more regulated these days, and you can pursue specialisation as a post-graduate or through a short course. An undergraduate in financial-related coursework, and completing of an RG146, is vital.
RG146 stands for Regulatory Guide 146. Created by ASIC, it’s a financial regulation for anyone providing financial advice. It is documented and explained in ASIC's Regulatory Guide 146 Licensing: Training of financial product advisers.