The SMSF Association has launched the SMSF Practitioner (SSPTM) accreditation program specifically designed to independently validate foundation SMSF knowledge and practical skills.
The program, which begins on August 10, will also provide a stepping stone to the SMSF Association SMSF Specialist Advisor (SSATM) accreditation.
The Association has established the program in direct response to growing requests from employers in the SMSF sector for a practical, foundation-based SMSF designation for their employees, whether they be financial planners, accountants, lawyers, auditors or any other service provider in the SMSF space.
Association Head of Education Services Liz Ward says: “It’s an encouraging sign that employers have recognised the need for such a designation that offers an ‘excellent opportunity’ for those wanting to take the first step in demonstrating their practical knowledge in the SMSF space.”
She says the program is open to ‘Associate’ SMSF Association members that meet the continuing professional development and quality review program requirements.
“In the initial stages there is no formal coursework to attain the SSPTM. A coursework option will be available early in 2016 as part of an SMSF post graduate qualification.
“Those that enrol in the new SSPTM Program will have their SMSF competency tested via an online case-study based examination that simulates a client scenario from initial enquiry of SMSF suitability right through to wind-up of the fund.”
Ward says the exam will have a very practical approach, setting it apart from the Association’s Specialist SSATM and SSAudR Designations. “The SSPTM program fits into a structure somewhat akin to what happens in other professions. In medicine, for example, there are GPs and specialists, while in the legal profession you have paralegals and lawyers. From our perspective those who earn our new SSPTM designation could be seen as GPs or paralegals, while those with an SSATM are a lawyer or medical specialist.
“As an Association we have long argued for higher education standards and that SMSF advice is a financial services profession in its own right. This demand for this new SSPTM designation is evidence that our message is striking a chord with employers and that the notion of an SMSF profession is gaining wider traction.”
Ward says that as more Australians choose to take responsibility for their retirement savings through an SMSF it is critical that trustees can access the best possible quality of advice that they can trust.
“The best way to ensure this for SMSF trustees is to keep growing the SMSF profession by providing opportunities for advisers to grow and improve their skills and by making sure consumers can access the best qualified and most professional SMSF advisers.”
