SMSF Association chief executive Andrea Slattery has nominated the ability for trustees to find good specialist advice to assist them with both short and long-term strategic decision-making as potentially the biggest challenge currently facing the sector.
“[In the immediate term] it is how to find somebody that can actually really help you [so] you know what you’re doing and how then to build your ability to make informed decisions,” Slattery said.
‘There is so much change that is happening trustees need to able to find somebody that genuinely understands [their situation] and that can genuinely work in their personal circumstance.
“So finding a specialist in that area is actually really important. Somebody who actually understands tax and structures and all of the other personal financial, family and business circumstances surrounding those individuals.”
In reference to the longer term, she cited the ability for trustees to receive advice that would empower them with confidence to make prudent decisions covering future years as a test.
Further, she emphasised her confidence SMSFs were an advantageous structure in the changing retirement saving landscape currently facing Australians.
“I don’t think there has been a better time for the SMSF sector than now,” she said.
“It has a significant advantage over the other industry sectors because SMSFs actually have the capacity to … use more than one strategy and fully develop all of the caps and opportunities that are around to grow your wealth and to grow it over a long term with long-term decision-making,” she noted.