MLC has forged an alliance with the SMSF Professionals’ Association of Australia (SPAA) to ensure the wealth manager’s advisers obtain the highest level of SMSF advice accreditation, training and support.
As part of the agreement special NAB Wealth and SPAA training events will be made available to MLC and NAB licensees who have also attained the SPAA Specialist Advisor accreditation.
The two organisations will also work together on research and trustee initiatives to benefit the SMSF space.
The commitment would ensure MLC and NAB financial planners remained at the forefront of quality SMSF advice for Australians, MLC head of technical and development Keiran McIlwain said.
“This commitment will provide more of our advisers with market-leading training and development opportunities in SMSF advice,” McIlwain said.
“With more Australians looking to SMSFs to engage in their superannuation and retirement plans, it is imperative advisers are there to meet the growing needs of clients around complex SMSF advice.”
SPAA chief executive Andrea Slattery said the commitment by MLC was an initiative that emphasised the importance of continually raising the bar for professional standards in the SMSF space.
Further, it represented the significance of ensuring the most effective training models be established in order to achieve the improved professionalism SPAA strived for, she said.
It was critical advisers were at the forefront of professionalism to allow consumers to make more informed decisions based on trusted, competent advice, according to Slattery.
“This decision by MLC is another illustration of where the SMSF industry is heading, with recent research revealing that consumers are seeking specialist SMSF professionals who are continually looking for avenues to improve their professional standards to ensure their clients are getting the best possible advice,” she said.
“SPAA will provide a range of educational and training offerings for MLC and NAB Wealth’s financial planners which raises awareness of current regulations and legislation, and providing up-to-date knowledge of industry trends in the SMSF sector.”
Australian Taxation Office statistics as at September 2014 have shown SMSF assets now stand at $559 billion. In addition there are now 540,000 funds in the sector looking after the retirement savings of 1,023,000 members.