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Clients uncertain in new compliance landscape

The new superannuation changes are driving SMSF trustees to seek help and advice from advisers and accountants in order to understand and be guided through the complex rules, financial planning practice Australian Wealth Solutions (AWS) has revealed.

“Clients are scratching their heads,” AWS principal and founder Sam Zervides told selfmanagedsuper.

“They’re wondering what to do and how they now operate in this new landscape of compliance and laws and regulations, and how do they impact on them.

“We’re finding that clients and potential SMSF clients are knocking on the doors of our practice and of the accountants’ practice a lot more regularly than what they did in the past.”

Zervides said most clients were willing to pay for advice.

“It depends on the age group,” he said.

“If they’re 70 or 80-plus, they think they have never paid for advice before, but they have been paying in a way by being exposed in high-risk investments and compliance instead of paying a few thousand dollars for properly structured financial advice.

“But once you articulate that in full – what we can do for them, how we’re going to do it, getting the family and next generation involved, as well as their accountant and lawyer because we don’t like to do partial or incomplete work – we’ve found that there isn’t really pushback on the fees because they understand the value.

“And not everyone will engage you as a client, but also I’m very selective of who we take on.”

In July, Melbourne-based AWS expanded into larger premises as part of an ambitious strategy that will position the advice business for growth needed to address the future needs of clients and alliance partners.

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