SMSF trustees are more open to exploring relationships with advisers and accountants akin to a second opinion or sounding board, according to an industry executive.
Smythe Financial Management managing director Ben Smythe said it was currently the most pressing issue for SMSF clients within his business, which was established one year ago.
“A lot of trustees would love to have someone review what they’re doing, making sure it’s right, that they’re taking advantage of all the opportunities that they can and that they’re managing their risk and not exposing themselves to untoward issues,” Smythe told selfmanagedsuper.
“SMSF trustees are very receptive to someone offering them a sounding board or second opinion because they are self-directed in a true sense, but they’re not experts in everything and they do value someone who specialises in SMSFs.”
He said the improved relationship between accountants and advisers, particularly in relation to SMSFs, would help trustees access such professionals.
“What I’m working towards is a collaborative approach where an accountant can engage a specialist for some scaled advice because I think that’s a significant missing piece in this area,” he said.
“SMSF trustees have not necessarily had access to scaled advice.
“Providing scaled advice, a second opinion or a being a sounding board is going to be very valuable for accountants too.”
Commenting on the adviser attributes that accountants wanted as part of their relationship, he said the issue of independence was playing a greater role.
“With what we’ve seen with the Commonwealth Bank of Australia and other institutions, so many people are aware of the negative issues that have gone on in the industry,” he said.
“People are very cognisant of that more so than ever before, so the question of independence is significant and will become even more significant.
“In five years’ time, I think there will be a lot more advisers like me who will be marking themselves as truly independent financial advisers because consumers will demand it.”
