Slattery was Managing Director and CEO when she resigned from the Executive in April 2017 and became a non-executive Director of the Association.

Her decision to resign from the board is to focus on the companies where she has been appointed a non-executive director since leaving the Association’s Executive.

Slattery, who was the inaugural CEO and one of the founding members of the Association, leaves an enormous legacy after 16 years of commitment to the organisation and its goal of leading the professionalism, integrity and sustainability of the SMSF sector.

When she co-founded the Association in 2003, there were about 130,000 SMSFs and funds under management (FUM) stood at $109 billion. Today, it is the largest superannuation sector in terms of FUM ($755 billion), has about 1.1 million members, boasts 596,000 funds, and the Association is recognised as the pre-eminent voice in the SMSF space by government, regulators and the industry.

Slattery says to work with the executive team, other directors and members to build the Association has been a rare privilege.

“From a starting position of where the SMSF sector’s future was in question, we have overseen the emergence of the multi-skilled SMSF specialist to service the 1.1 million people who have opted to take personal control of their retirement savings, whether it be in the accumulation or pension phase. I am proud of what we have achieved, and leave the organisation knowing it is well positioned for its next growth phase.

Association Chair Professor Deborah Ralston says the SMSF sector and the Association owes Andrea an enormous debt of gratitude for her drive, commitment, and enthusiasm over the past 16 years.

“We will not only sorely miss her experience, knowledge and breadth of industry and government relationships, but the unbounded enthusiasm and energy she brought to the task, whether it was as the CEO or non-executive director.

“The fact every major inquiry into superannuation, starting with the Cooper Review in 2010, has largely given the SMSF sector a clean bill of health is a testimony to what she helped achieve over this period.”

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Mr Roberts’ decision is due to the increasing demands on his time from both his executive role at SEEK Limited, and as a director of the AMP Limited Board and a number of AMP’s main subsidiaries.

Mr Roberts joined the Board in July 2016 and has been chairman of the Audit Committee since that time. During his tenure, he has also held positions as a member of the Risk and Remuneration Committees and as a non-executive director of the AMP Life Board. More recently, Mr Roberts was appointed to the AMP Bank Board, as chairman of the AMP Bank Audit Committee and as a member of the AMP Bank Risk Committee.

Following Mr Roberts’ retirement, Andrea Slattery will be appointed as Chairman of the AMP Limited and AMP Bank Audit Committees.

AMP Chairman David Murray said: “On behalf of the Board, I would like to thank Geoff for his considerable contribution to AMP, in particular as Chairman of the AMP Limited Audit Committee.

“Geoff’s extensive experience in financial services across Australia, Asia and Europe has been invaluable during a period of significant change at AMP. We have benefited from his knowledge and expertise and wish him well for the future.”

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Andrea Slattery

AMP Limited has announced Andrea Slattery will join the Board as a Non-Executive Director, effective 15 February 2019, subject to usual pre-appointment processes.

Ms Slattery brings substantial experience from 14 years as a Managing Director and CEO in financial services as well as serving on high-profile board and advisory committees for listed companies and in the commercial, government and not-for-profit sectors for the past 11 years. She has 26 years’ experience in financial services, superannuation and retirement including establishing and leading the SMSF Association, which is the independent, professional body representing Australia’s self-managed super fund sector.

Ms Slattery is currently a Non-Executive Director at Clean Energy Finance Corporation, Argo Global Listed Infrastructure and the South Australia Cricket Association.

AMP Chairman David Murray said: “Andrea’s considerable experience in financial services as a business leader, non-executive director and an expert in change brings a strong mix of skills to the AMP board.

“Andrea has built trusted relations with government, industry and consumers, and been a strong advocate for the self-managed superannuation industry, and financial services in general. Andrea’s insights into financial advice, wealth management and superannuation will be very valuable to AMP as we continue to simplify and reset our business.”

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Andrea Slattery

Private Portfolio Managers Pty Limited (PPM) an established boutique funds manager and IMA provider with 20+ year performance track record, has welcomed Andrea Slattery as a Board Advisor.

Andrea was the Founder/MD/CEO of the Self-Managed Super Fund Association (SMSFA) and is well recognised in the finance industry for her vision, integrity and financial credentials – directing the SMSFA to become an authoritative Australian industry body and leading the seven-fold transformational growth of the SMSF sector over the last 14 years.

Andrea, while having been an Independent Non-Executive Director (NED) & Governance expert in Australia for 26 years in ASX, Commercial, Government & NFP sectors, is currently building her NED portfolio. She has particular experience in financial services, public policy, infrastructure, innovation, technology, energy and investment and her current Board roles include Clean Energy Finance Corporation (CEFC:GOV) and Argo Global Listed Infrastructure (ALI:ASX).

Andrea has achieved numerous accolades for her work, receiving some of the most prestigious awards in Australia. In 2014 she was awarded the Australian Woman on the Year in Financial Services. In 2015 she was awarded the Invisible Government Award and in 2017, was nominated for Australian of the Year. She has also been publicly recognised by two Prime Ministers, Government, Media and the International Finance Community as one of Australia’s most influential and strategic thought leaders in the Financial Services sector.

PPM Founder and Chairman Hugh MacNally said, “We are delighted to welcome Andrea to advise our Board. Her vision, integrity, deep knowledge of financial markets and overall business acumen will be a welcomed addition to assist our Board of Directors and facilitate the development of our strategic vision”. Andrea will commence her position as Board Advisor of PPM immediately for a term of 12 months.

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Sally Loane

Andrea Slattery

The SMSF Association (SMSFA) and Financial Services Council (FSC) were proud to host the Women, Super and Wealth Summit in Sydney last week.

The Summit brought together a range of thought leaders from across government and financial services, placing the spotlight back on the need to ensure that the gender gap in superannuation is closed so that men and women can both have the opportunity for a secure and dignified retirement.

The Summit discussed and debated key issues relating to the causes of the gender gap in superannuation and solutions that can close the gap and improve retirement and wealth outcomes for women. The gender pay gap, further legislative reform, the need to empower girls and women for financial decision making and broader change to workplace and societal attitudes to women’s work emerged as key themes.

Legislative reform

The SMSFA and FSC welcome the Government’s recent changes to the superannuation laws that have increased the flexibility of superannuation, allowing greater opportunities to make contributions to build retirement savings. Although these changes are an important step in the right direction there is still scope for more legislative reform to improve retirement outcomes for women.

A bipartisan approach to advancing legislative solutions should be pursued. Focussing on pursuing the recommendations from the Senate Inquiry into the Economic Security for Women in Retirement should be a priority for the Parliament.

While legislative reform must be a foundation of closing the gender gap in superannuation, the SMSFA and FSC acknowledge that it is only part of the solution and broader workplace and cultural changes are required.

Empowering women and girls

An ongoing need to give girls and women the confidence to make financial decisions and to empower them to take control of their financial future is critical to closing the gender gap in superannuation.

Improving financial literacy of women has been recognised and is still a key to improving their superannuation and wealth outcomes. However, the Summit rightly acknowledged that information and education must nurture girls and women who are empowered and confident in financial decision making to make informed and educated financial choices that will make a real difference to women’s retirement outcomes.

The superannuation and financial services industries have an important role in empowering girls and women in financial decision making, but there is need for the broader community and families to be engaged to ensure that our daughters are given the confidence to take control of their financial futures.

Cultural change

The Summit acknowledged that while legislative change to decrease structural barriers to reducing the gender superannuation gap is needed, broader workplace and cultural change is essential. Cultural changes and strategies inside and outside of the workplace are needed to provide women with greater opportunities to earn equivalent incomes to men and have the same opportunities to save for their retirement.

How our community values the work traditionally undertaken by women – both paid and unpaid – must be revaluated so that industrial segregation and caring for families do not continue to be underlying causes of the gender pay gap that causes the gender gap in superannuation.

Increasingly, encouraging flexible work practices throughout the economy for both men and women is essential to allow greater opportunities for families to find a work-life balance that will allow women to earn and save for retirement.

Leadership is needed

Finally, the SMSFA and FSC call upon the superannuation and financial services industries to lead the wider Australian community in taking steps that will improve the superannuation and wealth outcomes for Australian women and advocating for ongoing change to close the gender gap in superannuation. The superannuation and financial services industries have the knowledge, capacity and opportunities to make a real difference to closing this gap.

The SMSFA and FSC will continue to advocate for ongoing policy change and proactive industry practices and innovation to closing the gender gap in superannuation.

By Andrea Slattery CEO,S MSF Association and Sally Loane, CEO, Financial Services Council

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Andrea Slattery

The SMSF Association remains supportive of Limited Recourse Borrowing Arrangements (LRBAs) in the wake of today’s announcement by the Labor Party to recommend their abolition in line with the Financial System Inquiry (FSI) final report.

SMSF Association Managing Director/CEO Andrea Slattery says the right decision was made when this FSI recommendation was rejected in late 2015, and there is no compelling argument to suggest anything has changed since regarding LRBAs.

“The fact remains there’s little or no convincing evidence that the use of LRBAs by SMSFs is playing a significant role in affecting housing affordability.

“The most recent Australian Tax Office statistics show that SMSFs hold $24.3 billion in LRBAs, with these financial instruments being predominantly used to invest in residential and non-residential property in an almost 50-50 split.

“That estimated $12 billion where SMSFs have used LRBAs to invest in residential housing has to be put in the context of a $6.43 trillion housing market. In other words, LRBAs comprise only 0.18% of the market. On these figures, it’s hard to argue LRBAs are a ‘market mover’.

“SMSFs investing in residential property, whether through borrowing arrangements or not, should not be singled out from other investors when looking at policy solutions to improve housing affordability.

“The idea that SMSFs have plunged into property investment in recent times also is not borne out by the statistics, with SMSF residential property holdings (both geared and ungeared) being consistent between 4-6% of total SMSF assets in recent times.

“In addition, there is scant evidence to support the notion that the use of LRBAs by SMSFs pose a systemic risk to superannuation or the broader financial sector.

“Consistent with our view submitted to the FSI, we still believe that the clear majority of SMSFs are using LRBAs appropriately to build their retirement savings and therefore should remain an investment option.”

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Andrea Slattery

The SMSF Association welcomes the appointment of Catherine Walter as chairperson of the new Financial Adviser Standards and Ethics Authority (FASEA), as well as the eight appointed directors.

The appointments to this Authority were announced by the Minister for Revenue and Financial Services, Kelly O’Dwyer, this morning. It will play an important role in overseeing the educational and training standards of financial advisors, as well as establishing a Code of Ethics.

SMSF Association Managing Director/CEO Andrea Slattery says: “The Minister’s appointments are recognition of the importance the Government is placing on improving the training and educational standards of advisors, an issue the Association has long advocated.

“We look forward to working with the Authority to establish higher standards for advisors that are an important step to improving the professionalism of financial advice.

“In particular, we will be urging the Authority to recognise the SMSF sector as a specialty and a profession to safeguard the financial interests of the more than 1.1 million trustees and the $653 billion in FUM critical to Australia’s retirement system.

“Research shows the trustees are increasingly looking to get specialist advice to assist in the management of their SMSF, so it’s critical this advice is of the highest standard,” she says.

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Bernie Ripoll

The appointment of two high-profile public figures to the SMSF Association’s Public Policy Committee emphasises the peak SMSF body’s commitment to getting the right policy settings for retirement incomes, superannuation and financial services, says Managing Director/CEO Andrea Slattery.

Slattery says former NSW Liberal Premier Nick Greiner and former Labor Parliamentary Secretary Bernie Ripoll have become members of the Association’s Committee, also comprising six other members from the Association’s board, senior executive management and membership.

“This is the first time the Association has looked outside its own membership ranks by asking two prominent Australians boasting strong political and financial credentials to join its Public Policy Committee.

“We are excited about getting two former politicians of the calibre and reputation of Nick and Bernie, and look forward to getting their input into our vigorous policy debates.

“Since its inception the Association has always played a significant role in the retirement income and superannuation debate, and these appointments are further testimony to the importance we place on policy.”

Greiner, who was Premier and Treasurer of New South Wales from 1988-1992, now serves on several boards, including Chairman of QBE Emerging Markets, Deputy Chairman of CHAMP Private Equity, and Chairman of Council of Advisors, Rothschild Australia.

Greiner says: “I look forward to contributing to the work of the SMSF Association that plays an important role in superannuation policy that is critically important to Australia’s future. I have significant interest in the SMSF sector and the broader superannuation industry and look forward to supporting the Association’s important policy work.”

Ripoll, who held the House of Representatives seat of Oxley from 1998 to 2016, was the Parliamentary Secretary for Small Business and Parliamentary Secretary to the Treasurer.  He also chaired the Corporations and Financial Services Committee, with the inquiry it conducted into the financial services industry playing a key role in the formulation of the Future of Financial Advice (FOFA) reforms.

Ripoll said: “I am pleased to join the SMSF Association’s Public Policy Committee. The Association plays a crucial role in advocating for the SMSF sector, especially SMSF professionals, which I experienced first-hand in my time in Government. I look forward to contributing to its policy work and bringing my experience in superannuation and financial advice to the committee.”

Slattery says: “These outstanding appointments will help achieve the Association’s mission of leading the professionalism, integrity and sustainability of the SMSF sector.”

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Andrea Slattery

The SMSF Association remains emphatic in its opposition to superannuation being used to assist first home buyers enter the property market.

Association Managing Director/CEO Andrea Slattery says: “It’s been our long-held position that allowing people to tap into their superannuation to assist them acquire their first home is bad public policy.

“Although it is tempting to view superannuation savings as a tool for fixing policy problems, it is essential that superannuation is maintained to meet its sole policy purpose – to give people security and dignity in retirement. Making superannuation available to housing would be akin to opening Pandora’s box; super would be seen as a cure-all for every social issue.”

Slattery says it’s important to remember that having retirement income the primary objective of superannuation was accepted by the Federal Government in 2016 after being proposed by the Murray Review in 2014.

“Using super to solve housing policy problems jeopardises the success of the superannuation system, which is ranked as the third best in the world by the Melbourne Mercer Global Pension Index.

“The Association recognises the importance and sensitivity of housing affordability, but does not believe the access to superannuation to fund home deposits is the answer to this problem.

“The proposal to allow people to access super to fund housing purchases would only see greater demand for housing stock, driving prices higher, achieving the exact opposite of what proponents of this proposal seek to achieve.

“Instead, the housing affordability debate needs to primarily focus on other factors driving the housing market instead of seeking funding through people’s retirement savings.”

Slattery acknowledges that superannuation has an important role in providing capital for investments that increase living standards through infrastructure and social investments, but not for a proposal that would simply distort housing markets.

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Andrea Slattery

The SMSF Association and the Financial Services Council (FSC) are joining forces to promote a day-long conference to examine the critical issue of why women retire with superannuation balances substantially lower than men.

The issue will be examined from all angles over eight sessions that will boast some of the best thinkers in the superannuation and wealth management industries in Australia. The latest figures show women retire, on average, with superannuation balances 46.6 per cent below that of men.

The Conference, being sponsored by the Commonwealth Bank, will be held in Sydney on 27 April.

SMSF Association Managing Director /CEO Andrea Slattery says this vitally important issue of women’s lower superannuation balances demands to be addressed, and the Association is delighted to be partnering with the FSC to achieve this end.

Sally Loane

“It’s an issue that has long concerned the Association. We have actively worked to help women better understand their financial circumstances, fully aware of the fact that they often must deal with structural factors, such as broken work patterns caused by parenting responsibilities, that have far less impact on men’s capacity to save for retirement.

“But it’s not just an issue of addressing these structural issues, important as they are. It’s also to get women, especially those starting their working lives, to understand superannuation and wealth-building better than previous generations did.

“When you realise that 47% of the more than one million SMSF trustees are women, then the importance of achieving this goal becomes self-evident.”

FSC CEO Sally Loane says providing women with more information and better advice improves their financial resilience and well-being, and that of their families, businesses and communities.

“This event will outline and demonstrate the critical role we can play to engage and empower women, particularly young women starting their careers, and drive positive change through education, innovation and good business practice.”

Attend the conference.

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