The SMSF Association has announced the establishment of a think tank with the ATO that will look at using technology and digital SMSF solutions to enhance member outcomes.
In his opening address at the SMSF Association National Conference 2018 in Sydney today, association chief executive John Maroney said: “A key goal of the SMSF Future Think Tank is for SMSF members and their advisers to have access to timely and accurate information about their retirement savings to facilitate their ongoing engagement and to be better prepared for retirement.”
The foundation members of the think tank are BGL, Class, SuperConcepts and Heffron.
Maroney also announced the establishment of a technical research service for members, which will be launched on a pilot basis at the conference.
The technical research service pilot was approved by the board last month as a new member benefit to begin in April.
The pilot will allow an initial group of members to seek technical guidance from the association’s technical team, with the goal of extending the service to all members during the following 12 months.
“This is a very exciting initiative for members,” Maroney said.
He also used his address to issue a “clarion call” to the SMSF profession to take the theme of the conference, Beyond, seriously and commit to the charter of excellence to go beyond what was legally expected of them to demonstrate they were prioritising client needs.
“It also reflects a key principle of this organisation since its inception to never accept the lowest common denominator when it comes to SMSF advice,” he said.
“Everyone in this room has been diligently working to build an SMSF profession because we know that at its core, the word profession encompasses integrity, trust, knowledge and expertise.”