There are significant opportunities for SMSF specialists to capitalise on the growing appetite of investors who seek professional advice on a range of SMSF-related issues, a report compiled by Morningstar and Investment Trends found.
“There’s clearly strong market demand for all types of advice, including independent investment research, and a real opportunity for those businesses capable of meeting it,” said Morningstar director of manager research Asia Pacific Grant Kennaway.
The SMSF Association-commissioned report also found that SMSF investors are increasingly prioritising growth assets.
SMSF Association managing director and CEO Andrea Slattery said: “But as SMSF investors rightfully seek to diversify, it’s critical they get appropriate professional advice as they move to invest in different asset classes.”
“SMSF investors tend to lead the general investor population in investing behaviour and, as such, it’s critical to watch what they are doing,” she said.
Ms Slattery quite rightly highlights that smsf trustees want/ need advice on a range of asset classes which invariably includes direct property. Unfortunately, that need has seen an influx of property-related ‘services’ which are largely sales and product based, resulting in skewed advice, poor strategies and even worse asset purchases. No wonder many in the advice industry are up in arms.
What’s required by trustee and their advisers is an advice-based approach to property with no agenda and devoid of conflict of interest.
What would be even more helpful for trustees, and all advice clients for that matter, is for industry thought leaders to encourage their community to not just highlight the problem but to actively engage with like-minded advisers in related fields to protect and advance their clients.