In a statement reflecting on the APRA stats to 31 March, SPAA chief executive Andrea Slattery said the growth of the SMSF sector, and in particular, the 4.7 per cent, $22.3 billion gain in SMSF assets, reflected the quality of advice on offer, flying in the face of some criticisms.
“Despite all the evidence to the contrary, there has been suggestions that SMSF trustees – and their advisors – did not have the investment acumen to handle the market volatility that has been evident for the five years post the Global Financial Crisis,” Slattery said.
“More specifically, that an overweighting in cash deposits would find SMSF funds missing out on any upswing in equity markets.
“On these APRA numbers, this hasn’t occurred.”
Slattery said the continued trend towards self-managed superannuation reflects that prospective trustees feel professional advice is available.
Good lord…i was starting to think advisers were bad at everything for awhile. Wall St didn’t cause the GFC, Australian financial advisers did and caused billions of dollars in lost wealth from failed fund manager products too…not to mention we’re all responsible for Storm financial.