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Planner interest drives up SPAA numbers
- 29 November, 2011
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The number of financial advisers and accountants entering the self-managed super funds (SMSF) market is growing exponentially, according to an industry body.
The Self-Managed Super Fund Professionals’ Association of Australia (SPAA) says the number of SMSF professionals who achieved SPAA’s SMSF Specialist Advisor (SSA) and SMSF Specialist Auditor (SSAud) status over the past 12 months grew by a 65 per cent.
A growing number of SMSF practitioners have also earned both accreditations.
“We are very pleased to see more and more SMSF practitioners aspiring to achieve SPAA’s SSA and SSAud status,” says SPAA CEO Andrea Slattery.
The number of SSAs alone grew 62 per cent, or by 384 advisers, to 1004.
According to SPAA, this was underpinned by strong interest from financial planning dealer groups and licensees, particularly those that are introducing accounting professionals to their ranks.
Independent licensees and dealer groups are able to reduce their exposure to any advice risks by having their advisors competent in SMSF advice.
“SPAA has experienced strong interest from financial planning dealer groups and accountants who are entering the marketplace and who are interested in ensuring their SMSF advisors have the SPAA SSA as the minimum educational requirement,” Slattery says.
“Along with the accreditation, SPAA also offers financial planners the opportunity to apply for a registered tax agent status through the association.”
The greatest percentage increase for the year was in the number of SSAuds, which surged 150 per cent.
“As the only association to provide an SMSF Audit Specialisation accreditation program in Australia, and at the highest competency level, SPAA invites other SMSF auditors to consider this option and enter the program to build their knowledge and reputation,” Slattery says.
“Our SMSF Specialist Auditor accreditation is attracting a growing number of SMSF professionals who want to be recognised as a specialist SMSF auditor in what is a highly specialist and competitive field.”
In addition, there is a group of 34 SMSF professionals who have earned both the SMSF Specialist Advisor (SSA) and SMSF Specialist Auditor (SSAud) accreditations.
The quest to become a SMSF specialist is based on a false premise.
A true financial advisor uses the SMSF as just one of their strategies to increase the wealth of their client. That advisor must know all the intricacies of SMSFs in order to give the correct holistic advice to their client. Without considering all the client’s needs and current financial position any advice given by a SMSF specialist will be flawed. Clients do not need specialist but need a general practitioner.