Media Release

Specialisation sets benchmark for SMSF advisors

Self-managed superannuation fund (SMSF) trustees will find it easier to identify and access highly skilled, expert advisors following the launch of a new SMSF specialisation.

The Institute of Chartered Accountants in Australia (the Institute) announced the specialisation program, which is available exclusively to Chartered Accountants, at the National SMSF Conference in Melbourne this morning.

The Institute’s Head of Superannuation, Liz Westover, says the growing complexity of the superannuation sector has led to the need for consumers with a SMSF to be better informed about the quality of advice accessed.

“More and more Australians are opting for SMSFs as their retirement savings vehicle of choice, and it’s important that they have access to quality, accurate advice when they require it. A formal, Institute-recognised specialisation enables Chartered Accountants to enhance their knowledge, experience and skills, and will ensure SMSF trustees have access to the advice they desire,” she says.

In 2010, the Cooper Review acknowledged that professional accounting bodies were best placed to be tasked with ensuring high levels of competency exist in the provision of SMSF advice. With Chartered Accountants making up one of the largest number of service providers in the SMSF industry, the Institute is a natural choice to provide a specialist program.

Ms Westover says as trusted advisors, Chartered Accountants set a benchmark for high quality SMSF specialists that trustees can be confident in turning to for advice.

“The new specialisation program gives Chartered Accountants the opportunity to demonstrate their skills and provide an even better service to the Australian public,” Ms Westover says.

The SMSF specialisation is run in conjunction with the University of New South Wales.

Article last Updated 19 September 2011