The SMSF industry needed to “fly the flag” for the sector and defend itself against the common criticisms it has received over the years, a technical specialist has said.

The segregation strategies for SMSFs have their benefits but advisers and trustees must take on board that segregating assets solely for tax benefits was not the best approach.

The parliamentary joint committee (PJC) examining the education, ethics and professionalism of financial advisers believed the industry needed to take a proactive approach to the systems and frameworks in place for product disclosure, its chair said today.

SMSF practitioners must be wary of the proposed legislation for limited recourse borrowing arrangements (LRBA) this year, following the recent change to the treatment of the investor as the owner of the assets held by the holding trust.

The financial services industry must present a united front to government in order to safeguard superannuation and solidify confidence in the system, SMSF Association patron Sir Anthony Mason said today.

The super industry could prepare for the ageing population by pushing government to consider a two-tiered approach to the system in order to relieve future strain on the budget, a senior public servant said today.

The super industry must communicate a richer picture, in intuitive terms, of superannuation and retirement, as the framing of these concepts plays a fundamental role in the way Australians understand and behave during their life cycle.

The SMSF Association has flagged it is now time for continued modifications to the superannuation system to cease in order for the industry to prove its integrity and build trust with Australians and SMSF trustees.

Spring FG believes it will emerge as a leading competitor in the SMSF space as there is strong client demand for full financial services.