Business News

Advisers’ role as SMSF strategist critical

The importance of financial advisers with SMSF clients playing a strategist role will be more important than ever with the increasing intergenerational nature of these funds, according to a dealer group head.

“Financial planners these days are playing more of a strategist role than they’ve ever played before, so it’s not just been about ‘let’s establish this and throw a few investments in here’. It’s about what are the needs of each individual member within this fund, like what protection do they need and what reserves need to be set up to be able to achieve the desired results,” My Adviser managing director Philippa Sheehan told selfmanagedsuper.

“The good financial planner needs to have the breadth of strategies, or at least access to the people who can help them with the breadth of strategies for the different generations in that style of SMSF.”

Sheehan said her dealer group had already seen a growing trend from individuals in both the war generation and the baby boomer group who have existing SMSFs to start to introduce members from generation Y into their funds.

“We’re going to see more of it. There is no doubt in my mind we’re going to see young members in an SMSF,” she said.

“So it’s going to be a challenge for financial planners to make sure they have multiple strategies to achieve the objectives of all members of these funds.”

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