Almost half of SMSF trustees plan to seek advice to help them manage their finances through regulatory changes in the superannuation sector, an AMP Capital study has found.
Research conducted by the company found 70 per cent of SMSF trustees are concerned with “ongoing regulatory reform to superannuation”, and 47 per cent of trustees plan to seek advice “on how to navigate through the changes”.
“Regulatory changes to superannuation and global market volatility continue to be a concern for SMSF trustees,” said AMP Capital global head of marketing, digital, innovation and direct Tim Keegan.
“As a result, many investors are increasing the amount of money held in cash as a risk-reducing strategy. However, with a heavy weighting to cash, trustees could be at risk of not meeting their retirement goals.”
Additionally, the research found a 6 per cent increase in the number of SMSF trustees seeking advice in 2017, but 63 per cent “are still open to receiving further advice”.
“In a period of heightened regulatory change, it’s clear that many SMSF trustees are looking for help to set up the right portfolio to reduce risk while still supporting their retirement goals. It’s an opportunity for advisers to share their expertise with new and existing SMSF clients,” Mr Keegan said.
The company is looking to expand its services for financial advisers.
The FPA has developed a new SOA video toolkit to guide members.
“All advice should be regulated in a similar way”, a financial services firm has argued in its QAR submission.
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