While scaled advice options form a core part of upcoming industry reforms, Hewison said the new provisions should not take the place of more comprehensive advice.
“If you’re going to set up an SMSF, you’ve really got to think about your total affairs overall, so you need comprehensive advice to make sure that it’s appropriate to a client’s need,” Hewison Private Wealth director Chris Morcom said.
“Someone might come in and say they want to set up an SMSF but an adviser should enquire about why a client wants to take this particular course of action before just agreeing to go off and do it.”
While holistic advice should remain a focus of SMSF trustees, Morcom said that scaled advice options could still play a role.
“If you’ve already got an SMSF in place and you just want someone to give you advice on part of a particular investment strategy then scaled advice could work,” he said.
“The trustee could potentially access advice through that scaled model to meet their needs in that way.”
