Industry stalwart Jenny Brown of JBS Financial Strategists has said the FSI’s recommendations to ban LRBAs in SMSFs would result in fewer property spruikers in operation.
Speaking to ifa sister title SMSF Adviser, Ms Brown – a former AFA Adviser of the Year – said the advice and SMSF industries would benefit from the Murray Inquiry proposal.
“Property spruiking has been really detrimental to our industry and could potentially blow up if the property sector continues to give incorrect advice to set up SMSFs,” she said.
“I’d like to see property spruikers having the same regulations as we do as financial advisers; the [property sector] needs to be a lot more highly regulated and I think that’s what’s causing our issues.”
However, she also said the use of LRBAs for the purchase of commercial property for business owners should be retained.
“For business owners buying the business premises they are working out of, I think it’s a great strategy and should be allowed,” she said.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 17 Jul 2018Westpac drops SMSF loansBy Miranda Brownlee
- 17 Jul 2018MLC names Geoff Lloyd as CEOBy Reporter
- 17 Jul 2018Infocus makes two senior appointmentsBy Killian Plastow
- 17 Jul 2018Fitzpatricks appoints new CFOBy Reporter
- 16 Jul 2018Adviser incentives still valuable: ElixirBy Killian Plastow
- 16 Jul 2018Clients to benefit from commission ban: PollBy Killian Plastow
- view all