The SMSF Professionals Association of Australia (SPAA) is positioning itself to take a clearer role in promoting the self-managed super fund (SMSF) sector, starting with a change of name to the SMSF Association (SA).
The move is designed to remove potential confusion about what the association does, and to cement its presence in the SMSF sector.
The chief executive officer of SA, Andrea Slattery (pictured), says SA has “not changed [its] remit at all”.
“This is just a opportunity to continue to building integrity and opens an opportunity for people to more easily and simply find support services, and to to help everyone make more informed decisions going forward,” she says.
In a statement, Slattery said that the old name, “which is an acronym of an acronym, is often confusing for the wider SMSF community to understand”.
Slattery said the previous name was well known among SMSF advisers, regulators and government, and the decision to change it was not taken lightly.
The old SPAA logo will remain largely unchanged, save for the replacement of the letters “SPAA” with the new name. The new branding will be in place for next week’s national conference, which starts in Melbourne on Wednesday, and for which Professional Planner is a media partner and will be producing the event’s daily news publication.
Slattery said SA directly represents “the professionals servicing the SMSF community and, indirectly, a majority of the more than one million trustees and members who are involved in SMSFs”.
SPAA was founded in 2003. In announcing the name change yesterday the association said the SMSF sector is the largest single sector of the superannuation industry, with assets of $560 billion managed for one million trustees.
SA said that in an industry it says is expected to quadruple in size by 2033 there is “no room for confusion” about what it is and what it stands for – it acknowledged the fact that in some quarters it is confused for an organisation associated with swimming pools and spas.
“So to reflect the importance and the breadth of the sector, we’re changing our name to the SMSF Association,” it said.
“We believe that every Australian has the right to choice, freedom and quality of life in retirement.
“How well we live in retirement depends on how well we manager our super.”
SA said it was critical that both advisers and trustees are armed with the best and latest information, especially in the growing and sometimes complex world f self-managed super funds.
“That’s why we insist on tight controls, accrediting and training advisers, and providing accurate and timely information to trustees.
“We’re here to maintain a vibrant and healthy SMSF sector that contributes to national prosperity.”
A full report on the association’s new direction will be published on Professional Planner’s website on Friday.
