Education, financial advice, SMSF

Peer experiences sought by trustees

SMSF trustees peers

The past experience of their peers is what SMSF trustees looking to seek financial advice in the next 12 months want to learn from practitioners.

The latest research into the SMSF sector has shown trustees who are not currently receiving financial advice but are likely to be seeking it in the immediate future are most interested in learning about the lived experience of their peers who are running their own super fund.

“If we look at people who are likely to seek financial advice in the next 12 months, we can say that the number one thing they actually want to learn about is common mistakes made by other [SMSF trustees],” Investment Trends head of research Dr Irene Guiamatsia revealed.

Specifically, the “Vanguard/Investment Trends 2023 Self Managed Super Fund Report” confirmed 46 per cent of SMSF members from this cohort who participated in the associated survey nominated this as the subject on which they would like more education from financial advisers.

“We find [this result] absolutely fascinating [because] this is saying: ‘I want you to tell me what the peer group I’d like to compare myself to, what is it that they are actually doing when they invest,’” she noted.

“So [they want practitioners to] tell [them] those stories, hopefully success stories, that I can actually visualise and picture. That’s something that is worth taking away [by advisers].”

Other areas these trustees saw as an education priority included updates to the superannuation rules and regulations pertaining to them, 40 per cent, and the SMSF investment strategy, 38 per cent.

According to Guiamatsia, this group was also concerned about their financial knowledge and personal responsibilities when taking on the role of a superannuation fund trustee, with 29 per cent expressing this sentiment.

“Back to the point about financial literacy, we can see [the response saying] teach me about my responsibilities as a trustee being quite a fundamental bit of information and education that should be conveyed,” she said.

The “Vanguard/Investment Trends 2023 Self Managed Super Fund Report” analysed 2290 responses from SMSF trustees who took part in an online survey conducted over February and March.

Copyright © SMS Magazine 2024

ABN 43 564 725 109

Benchmark Media

Site design Red Cloud Digital