Centric Wealth chief executive Phil Kearns has warned that the rapid growth of the self-managed super sector could cause long-term problems for retirees and the nation’s budget.
The self-licensed planning firm’s CEO said recent figures from the Australian Tax Office and SMSF Professionals’ Association should are a worrying sign – particular the SPAA finding that an additional 1.4 million people are considering setting up an SMSF.
“This will mean the number of self managed retirees will swell to almost 2.5 million,” Mr Kearns said.
“Is it likely that all these people will have the knowledge, experience and time needed to manage their SMSF effectively?
“In my view, this could create a number of problems for the individuals and the government, who may end up financially supporting these people down the track.”
Mr Kearns said the government needs to provide more education to prospective SMSF trustees.
FASEA has conceded its guidance on scaled advice may not be legally reliable, ad...
A key super industry body has suggested the government’s forthcoming reforms t...
With rising compliance costs and more risks abounding for planners who try to be...
Get notifications in real time and stay up to date with content that matters to you.
