SMSF trustees should rely on holistic advice when building their retirement savings, according to Hewison Private Wealth.
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.”
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 18 Oct 2017AFA suffers budget blowoutBy Killian Plastow
- 18 Oct 2017ISA ups ante on governance lobbyingBy Aleks Vickovich
- 18 Oct 2017Managed accounts drive revenue: researchBy Staff Reporter
- 18 Oct 2017Midwinter and PractiFI announce integrationBy Staff Reporter
- 18 Oct 2017Hub24 announces partnership with EurozBy Staff Reporter
- 18 Oct 2017Former NZ PM joins ANZBy Staff Reporter
- view all