Andrea Slattery – CEO – SPAA
The SMSF Professionals’ Association of Australia (SPAA) fully supports the Federal Government’s decision to restrict the use of the terms “financial planner” and “financial adviser”.
Under the new legislation, a financial planner or financial adviser will require an AFSL licence or be an authorised representative to use those terms. If they don’t then they face potential prosecution by ASIC.
SPAA CEO Andrea Slattery says: “This move by the Government to tighten the use of the wording around financial adviser and financial planner is welcome.
“SPAA has long advocated professionalism and the highest standards to ensure SMSF trustees get the best advice, and believe this move by the Government is a step in the right direction.”
“The generic terms that are now reserved for licensed financial advisers and planners provide clarity as to whom a client is dealing with. When it comes to self- managed superannuation fund advice it should ensure an adviser has the specialist skills required to provide that advice.
“SPAA’s specialist SMSF accreditation process is highly regarded in the market, offering an in-depth independent assessment of SMSF skills and knowledge for SMSF advice.”
Mrs Slattery says the recent research done by Russell Investments highlighted the fact that trustees valued specialist advice that helps them meet their retirement planning challenges.
