The outgoing chief executive of the SMSF Association has challenged SMSF practitioners to embrace their role model status and take control of their profession for the betterment of clients and the overall industry.
“As role models you must demand your peers and others in your supply chain join in the journey,” Andrea Slattery said during her opening address at the SMSF Association 2017 National Conference in Melbourne today.
“Help them commit to their learning journey and membership.
“I challenge you now to take control of your profession. I challenge you to be a leader.
“It is your responsibility to continue building the profession by bringing everyone in the supply chain into your professional community, whether it be at the entry administration level or the elite strategic advice level.”
Slattery said it was important the industry not settle for mediocrity because it was safe or what the government set as a baseline for practitioners.
“Be the cornerstone in creating your future profession,” she noted.
“Take a good honest look at the opportunities before you.
“You need to want co-regulation. Create a professional legacy for others to follow.”
She added that while raising competency and knowledge was not easy, nor was it quick, it was necessary.
“To create trust, you, as advisers, accountants, auditors and administrators, must maintain standards expected and demanded of professionals,” she stressed.
“It is absolutely necessary – to think otherwise is delusional. Truly professional advice will create trust with your clients.
“And it will lead to a better outcome for you and the SMSF industry – it will set you apart in a crowded market and your clients have never been in greater need of your trusted professional advice.”
In a video address, Prime Minister Malcolm Turnbull publicly identified the SMSF system as a key pillar of the superannuation system.
Turnbull said the government acknowledged the important part the association played in ensuring the views and concerns of its members were heard, and the SMSF sector more broadly.