Craig Day

Australians are increasingly using artificial intelligence (AI) in their daily lives but most remain reluctant to trust it with decisions about their money, according to new research from Colonial First State (CFS).

While familiarity with AI is growing, human judgement and accountability continue to matter most when Australians are making key financial decisions. More than four in five Australians (83 per cent) say access to human interaction is important when it comes to their finances, particularly around decisions on superannuation and long-term investments.

Even among Australians who regularly use AI, confidence drops sharply when financial outcomes are involved. While more than a quarter of Australians use AI every day, just 9 per cent would be comfortable with it determining their investment outcomes.

“When it comes to important financial decisions, people want the confidence that comes from trusted professional advice,” said Craig Day, Head of Technical Services at Colonial First State. “That confidence comes from working with someone they have developed a relationship with and who understands their personal circumstances, applies judgement, and is accountable for the advice they give.

“While there’s a clear recognition of the value AI can bring in saving time and improving access to information, many people draw a clear line when it comes to their finances. They want people, not technology, making the final decisions. AI can support better outcomes, but it works best when it complements the expertise and oversight of a qualified financial adviser,” Mr Day added.

AI welcomed, but only up to a point

While Australians are comfortable with AI assisting with simple financial tasks, confidence declines sharply as it approaches decisions tied to long‑term outcomes and financial security.

42 per cent are comfortable using AI for everyday activities such as budgeting, product comparisons or tracking spending.
This falls to 38 per cent when AI is used for transactional banking such as management of everyday accounts and payments.
Support drops further for AI involvement in investment management, with fewer than one in three Australians (29 per cent) saying they are comfortable.

Trust in AI is weakest among older Australians and women, who consistently report a stronger preference for human oversight when it comes to their personal finances.

While trust in AI is higher among younger Australians, high-net worth investors and more frequent users of the technology, even these groups see confidence fall sharply when AI is used for financial decision-making. Respondents cited concerns about data security, privacy and the absence of human oversight as the biggest barriers to greater use of AI in this area.

What Australians want when it comes to AI and finance

Around two-thirds (64%) of Australians expect AI to become common in financial services within five years, but they have clear expectations of how it should be used.

Before Australians are prepared to pay for AI‑driven financial tools, they are seeking stronger safeguards including clearer regulation (29 per cent), better data security (25 per cent) and the ability to opt out of automated services (25 per cent).

For now, human judgement remains central to how Australians want financial decisions to be made.

“People want AI introduced carefully, with safeguards and clear human responsibility for decisions that shape their financial outcomes. Australians still want reassurance that a qualified professional is applying judgement and standing behind those decisions. AI can support better outcomes, but trust is built through human accountability, not technology,” Mr Day added.

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Peter Burgess

The SMSF Association’s 2025 Technical Summit, taking place at the Sydney Masonic Centre on August 6–7, will challenge SMSF professionals to confront the realities of practising in a high-stakes, high-compliance environment – where policy settings are shifting, regulation is tightening, litigation risk is rising, and the line between guidance and advice has never been more blurred.

This year’s program goes beyond theory – cutting through the noise to deliver practical insights into the ethical dilemmas, compliance pitfalls, and behavioural challenges facing the sector. From managing client capacity and aged care transitions to navigating superannuation contribution and pension strategies, dealing with related-party transactions, and identifying emerging audit risks, the Technical Summit equips professionals to operate with confidence in an increasingly complex sector.

“In today’s environment, where one misstep can lead to litigation or loss of professional standing, SMSF professionals are facing unprecedented scrutiny, from clients, regulators, and peers,” says SMSF Association CEO Peter Burgess.

“Sound technical knowledge alone is no longer enough. SMSF professionals must now demonstrate   professional judgment, ethical clarity, compliance discipline, and strategic foresight in every client interaction. This Technical Summit is designed to deliver exactly that.”

He says this year’s program is anchored by five powerful questions every SMSF practitioner must be prepared to answer:

• How do you support your clients without crossing regulatory boundaries?
• Are you truly delivering holistic advice – or just part of the picture?
• Are you getting it right, or waiting for the regulator to step in?
• Can your professional judgment hold firm when clients present moral and ethical dilemmas?
• Are you learning from courtroom decisions – or heading for it?

These questions will be explored across keynote presentations, technical sessions and workshops – with case studies featured prominently throughout the program to bring real-world client scenarios to life.

With sessions led by some of the profession’s most trusted names – including keynote speakers Peter Burgess, Craig Day, Louise Biti and Bryce Figot – this year’s Technical Summit will challenge attendees to think deeply about their responsibilities and equip them with the clarity, confidence, and tools needed to navigate client situations with both technical precision and professional integrity.

Register for the 2025 Technical Summit.

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Peter Burgess

The more than 350 SMSF professionals who attended the two-day SMSF Association Technical Summit in Sydney this week went away armed with comprehensive strategies and enhanced industry knowledge to take back to their clients.

The Summit, which brought together recognised industry leaders to address delegates in keynote and technical sessions as well as practical workshops, again demonstrated why it is one of the premier technical events on the SMSF calendar.

SMSF Association CEO Peter Burgess said the strong numbers, in person and online, were a testimony to the importance SMSF specialists placed on maintaining the highest industry standards.

“Considering our superannuation sector is riddled with complex law, active regulators, shifting legislative changes and trustees with unmet advice needs, there is a tremendous opportunity for firms with specialised knowledge to make a difference – and this Summit is integral to this.

“It’s why all sessions and workshops were highly technical and targeted to engage SMSF specialists with a thirst to be the best. Attendees were highly engaged, with the many questions asked indicative that even the most experienced SMSF professionals had more to learn.

“Whether it was Professor Melinda Edwards, Managing Director at Ethics Advisory Services, addressing the future impact of AI in financial services or Shelley Banton, the Head of Education at ASF Audits, on the intricacies of accurately valuing SMSF assets, delegates accessed the best thinking on such issues in a thought-provoking way that can only add value to their businesses.”

Burgess said it was extremely heartening to hear Investment Trends Head of Research Irene Guiamatsia inform attendees how SMSF specialists – defined as a practice with more than 20 SMSF clients – had increased their profitability over the past year.

“Investment Trends’ research demonstrated that specialists had gained from increasing their initial upfront fees to clients and not using them as a loss leader to be recouped later.

“She said that on a net basis all SMSF advisers seemed to have seen more of a revenue increase than decrease, but it was much more positive for SMSF specialists.

“This evidence from a respected research house goes to the core of the Association’s argument that SMSF specialisation reaps commercial and professional benefits.”

Burgess said other sessions that captured the delegates’ attention were the workshop presented by Craig Day (Head of Technical Services, Colonial First State) and Linda Bruce (Senior Technical Manager, Colonial First State) who examined planning and managing personal injury, temporary or permanent, when the unexpected happened.

“Jemma Sanderson (Director, Cooper Partners Financial Services) focused on live cases to understand how best to manage the smooth wealth management and succession planning within blended families.”

The Summit concluded with Cooper Grace Ward partner and SMSF Association chair, Scott Hay-Bartlem, presenting a captivating session on what SMSF professionals should be doing during the death benefit planning stage to manage conflicts and ensure nominated beneficiaries receive their intended benefits in the most tax effective manner

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Peter Burgess

The SMSF Association 2024 Technical Summit, a premier technical event on the SMSF calendar, will focus on enhancing and improving the expertise of professionals dedicated to delivering high-quality retirement solutions to their clients.

The Summit, being held on 24-25 July at Sydney’s Hyatt Regency, features a curated program of interactive workshops and sessions on a range of technical issues critical to SMSF specialists.

SMSF Association CEO Peter Burgess emphasised the importance of bringing the industry together to explore strategies and share knowledge that upholds the highest standard in our industry. “The Technical Summit is an essential event for SMSF professionals committed to providing quality advice and staying at the forefront of industry developments.

“This year’s event promises to deliver an unparalleled lineup of workshops designed to enhance the knowledge and skills of professionals across the financial planning, accounting, legal, and auditing sectors.”

Managing Director at Ethics Advisory Services, Professor Melinda Edwards, will bring a thought-provoking perspective to the Summit with her workshop on ethical dilemmas and the future impact of AI in financial services.

Head of Education at ASF Audits, Shelley Banton’s workshop will help guide professionals through the intricacies of accurately valuing SMSF assets and Tim Miller, SMSF Technical & Education Manager at Smarter SMSF, is set to deliver an interactive workshop testing long standing contribution strategies in a post Div 296 environment.

In a joint workshop, Craig Day, Head of Technical Services, Colonial First State, and Linda Bruce, Senior Technical Manager, Colonial First State will take a holistic look at the minefield of superannuation issues that need to be understood when protecting clients from the risks associated with becoming permanently incapacitated.

Director, Cooper Partners Financial Services, Jemma Sanderson’s workshop will delve into the complexities of handling SMSFs within blended families and Leigh Mansell, Director SMSF Technical & Education Services, Heffron, is set to deliver a comprehensive workshop, focused on managing SMSF death benefits.

In addition to these workshops, we have assembled an expert lineup of speakers, all of whom are industry leaders and need no introduction. Renowned speakers such as Bryce Figot, Special Counsel, DBA Lawyers, Louise Biti, Director, Aged Care Steps, Melanie Dunn, Principal, Accurium and many more will impart their wealth of knowledge on attendees, whether they join virtually or attend the Summit, in person.

This year’s Technical Summit will also be top and tail-ended by keynotes from two of our most popular presenters.  Peter Burgess will kick off with his fast paced update on the latest legislative changes, sharing first hand insights on the SMSF Association’s Division 296 advocacy efforts, Whilst, Scott Hay-Bartlem, Partner, Cooper Grace Ward, is set to deliver the closing keynote with his signature flair,  addressing  strategies to resolve  death benefit disputes.

Burgess concludes: “This year’s Summit promises to be a dynamic and invaluable event for SMSF professionals, offering a unique opportunity to stay ahead of legislative changes, enhance technical expertise and network with industry peers.”

Significant savings are still available, with Early Bird pricing ending this Friday 23 June. Don’t miss the opportunity to buy at this great rate, connect with industry leaders and gain insights from a wide range of industry experts this July.

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Peter Burgess

There is no shortage of complex issues confronting SMSF specialists, from legislative changes, ATO rulings, the rising cost of living pressures to technological advancements such as ChatGPT, impacting on their businesses and clients.

With all these issues, and more, on the agenda at the SMSF Association’s highly anticipated Technical Summit, being held on July 26-27 on the Gold Coast, Association CEO Peter Burgess says it makes for a compelling argument for all SMSF specialists to attend.

“With the focus on ‘Advanced Professional Development’, it allows for industry experts to share their knowledge on how to respond to these challenges and the impact they have on their clients.

“We are thrilled with the line-up of speakers this year, with professionals seeking an understanding on how these changes will affect them.

“As a result, much of the program revolves around workshops that allows for an open, interactive conversation and for attendees to not only learn from highly reputable speakers but from one another.”

With the widespread negative ramifications of the Government’s proposed $3 million cap on super balances becoming increasingly clear, Burgess will use his opening address at the Summit to critically dissect this new tax and the recently released draft amendments to non-arm’s length expense rules.

Following this address, a keynote discussion from Heffron Consulting’s Meg Heffron will adopt a future planning perspective, exploring how the proposed $3 million cap on super is expected to affect the SMSF sector and members’ retirement savings.

Heffron will examine the potential impact the new tax will have on how SMSF members choose to contribute, invest their retirement savings and how they manage estate planning.

To assist in identifying which clients are likely to be affected by the $3 million super cap, DBA Lawyers Special Counsel Bryce Figot will deliver a workshop delving into core concepts such as Total Super Balance (TSB) and Transfer Balance Cap (TBC).

This highly technical workshop will address a myriad of interrelated issues, such as the indexation of thresholds, the impact of structured settlements and limited recourse borrowing arrangements plus much more.

Aligning with the overarching theme of thinking forward and future planning, Colonial First State’s Craig Day is set to close out day one with a case study driven workshop on the plethora of contribution opportunities available and the associated challenges.

The impressive line-up of keynote speakers on day two of the Summit includes View Legal’s Matthew Burgess who will use his learnings over the past 36 months as a case study to give actionable ideas and unpack the consequences of professional service firms (PSFs) harnessing the opportunities associated with AI enabled solutions, such as ChatGPT.

Cooper Partners’ Jemma Sanderson will open the afternoon with a focus on case studies on the different types of benefit payments and the importance of understanding how the super and tax laws interact.

Burgess concludes: “An area we have noticed members asking for is case studies and real-life examples on how to manage these changes in volatile times. As a result, many of the sessions not only include a presentation but case studies in alignment.

“In total six technical workshops, four keynotes and four technical sessions will be presented across the two-day Technical Summit, so we are excited with how this year’s agenda will challenge our industry experts and leaders.”

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Jonathan Armitage

One of Australia’s largest pension payers, Colonial First State (CFS), has shed light on how financial advisers are helping clients through the current period of market volatility.

Speaking at an event attended by more than 400 CFS superannuation members and advisers, recently appointed CFS Chief Investment Officer, Jonathan Armitage and Executive Director Technical Services, Craig Day led a panel discussion on investing for retirement, covering a range of macroeconomic trends and showcasing strategies financial planners are using to protect clients in the pre or post retirement phases of their lives.

“While the world has experienced an extraordinary period of economic growth and subsequent strong investment returns over the past 30 years, this year we’ve seen a confluence of issues impact superannuation performance,” said Mr Armitage.

“The pandemic, tragic events in Ukraine, supply chain disruptions and a range of other geopolitical issues have led to a rise in inflation and interest rates, creating a period of significant market volatility,” he said.

“Our primary message to both advisers and members is to maintain a long-term view of investments.”

“Our research shows that if members had, for example, moved money from shares and bonds to cash during the GFC period, their super balance would have been significantly lower today in comparison to the amount they would have accumulated had they stayed invested in their original portfolio (see chart below).

“While it might feel tense during periods of market volatility, markets do recover and it’s important that members think about taking advantage of that,” said Mr Armitage.

Take advantage of growing returns in the fixed income securities market

Mr Armitage noted that during the recent long period of low interest rates, income generating assets – which are critical in the retirement phase – had been difficult to find.

“While we’ve seen some sharp adjustments from a return perspective, we’re now starting to notice fixed income securities produce returns which allow retirees to have a reasonable level of income,” Mr Armitage said.

“There will be bumps along the way but we’re seeing a normalisation of interest rate policies feeding into fixed income securities, giving advisers an opportunity to consider resetting client portfolios to take advantage of that,” he added.

Build a buffer to reduce longevity risk

Mr Day addressed a key concern of many superannuation members in running out of money and being dependent on the age pension during their retirement years.

“Termed longevity risk, this is where people potentially outlive their life expectancy and exhaust their retirement savings,” Mr Day said.

“In this case, it’s important to remember life expectancy figures are averages which means half the population will outlive their life expectancy. Life expectancy also generally improves over time with advancements in health and medical science. A good adviser will factor all this in when determining retirement income levels, to minimise the risk of their client outliving their savings.”

Prioritise mortgage over super

Mr Day went on to explain that great outcomes for super fund members are not just about investment returns – there are other strategies that can be employed.

“A question I’m often asked is whether to allocate surplus cash flow in the lead up to retirement to paying off the mortgage or building a super balance,” Mr Day said.

“From a straight numbers perspective, people are generally better off targeting their mortgage first. In addition, there has been lots of studies that show that home owners generally get better outcomes in retirement. Owning a home outright at or near retirement is also very important as it provides the flexibility for members to adopt a super-boosting strategy, such as downsizing their home or increasing their contributions as part of a transition to retirement plan.”

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John Maroney

The 2021-22 Federal Budget has given the SMSF Association’s Technical Summit a cutting edge as delegates will get the opportunity to hear the ramifications of one of the most significant budgets ever handed down for the SMSF sector.

The two-day Technical Summit is being held live on the Gold Coast from 21-22 July. It is only available to 500 of the Association’s Fellow and Specialist Members.

SMSF Association CEO John Maroney says: “Measures to reform the residency rules for SMSFs, remove the work test for non-concessional contributions for individuals aged 67 to 74 and lower the eligibility age to make downsizer contributions will impact on many SMSFs, so it’s critical SMSF specialists are fully aware of what these changes will mean for their clients.”

Deputy CEO/Director of Policy & Education, Peter Burgess, will fully air these Budget measures in his always compelling Technical Update, and other speakers will also examine what these changes mean in their specific areas of expertise.

Burgess says: “Aside from the Budget update, this Technical Summit will cover a broad range of technical sessions delivered by an outstanding line-up of speakers.

“There will be 90-minute workshops on property development, succession planning, death benefits and the FASEA code of ethics and shorter technical sessions on contributions, cryptocurrency, pensions, gearing, and auditor independence.

Maroney says delegates will also have the opportunity to hear Jeremy Gordon, a leading authority on UK pension transfers.  “Gordon will provide an update on the latest changes to the UK pension transfer rules, discussing the often overlooked and misunderstood issue about how SMSF trustees should be handling UK sourced pension money that has already been transferred.

“Another compelling workshop session will be behavioural finance expert Simon Russell discussing how SMSF professionals can use their knowledge of behavioural finance to better understand and influence their clients.”

Other speakers include Craig Day, Head of Technical Services, Colonial First State, Mary Simmons, Technical Manager, SMSF Association, Bryan Ashenden, Head of Financial Literacy & Advocacy, BT, while industry veteran Meg Heffron, Managing Director, Heffron, will close off the Technical Summit with the topic, “SMSFs Looking forward: Where to from here?”

For those unable to attend, there will be an on-demand option. It will be a shorter version of the Technical Summit and be released a week after the live event.

Registrations now open.

See the program.

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John Maroney

The SMSF Association Technical Summit will be a face-to-face event as COVID-19 restrictions ease. The premium event will include a highly interactive workshop discussion and problem-solving Summit on 21-22 July on the Gold Coast that will allow SMSF specialists to network in person for the first time since the February 2020 National Conference.

SMSF Association CEO John Maroney says: “The feedback from members has been that they would prefer to ‘get back together’ as soon as possible, to mix with their peers while receiving high-quality technical updates and earning their CPD hours.

“Considering the success of the 2020 National Conference with members, we have opted to return to the Gold Coast and have a two-day Summit intensively focussed on the latest SMSF technical education delivered by an expert line-up of speakers.

“We have decided to limit the number to 500 to increase interaction and networking opportunities between speakers and SMSF Specialists and their peers.”

The invite-only Summit will offer three keynote addresses and three concurrent streams offering a choice between five practical workshops and eight technical concurrent sessions. Most workshops will be repeated during the Summit so delegates will be able to construct a conference program tailored to their own individual needs.

Keynote speakers include the Association’s Deputy CEO and Director of Policy & Education Peter Burgess, Meg Heffron (Heffron SMSF Solutions), Craig Day (Colonial First State), Bryce Figo (DBA Lawyers), Bryan Ashenden (BT Financial), Belinda Aisbett (Super Sphere), Aaron Dunn (Smarter SMSF) and Mark Ellem (Accurium).

Maroney says: “The workshops will last 90 minutes and focus on issues of growing importance in the SMSF sector and the application of strategies. Day 1 will start with Burgess’s traditional SMSF legislative update and day 2 will start with the Industry Breakfast on the topic of ‘The future of IT in the SMSF sector’ and conclude with a special address from Meg Heffron on SMSFs looking forward: where to from here?

“We are also excited to announce the holding of a special Fellows function on the evening of 20 July that will acknowledge their enormous contribution to the Association and the wider SMSF sector, as well as welcoming the new Fellows to the Association.”

For those unable to attend, there will be an on-demand option. It will be a shorter version of the Summit and be released a week after the live event.

Registrations are now open via the SMSF Association website.

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Data from enquiries made by financial advisers to CFS revealed the top three topics regarding the Federal Budget measures were:

• Your Super, Your Future announcement, specifically how the annual super fund performance tests will work
• Personal tax cuts and how they will work for low and middle income individuals
• Business tax initiatives and how the temporary full expensing rules work.

CFS Technical Services Manager Craig Day said the technical support team had received a number of questions from advisers keen to understand how the new budget measures may benefit their clients.

“There’s plenty of good news for many Australians in the Budget including tax cuts, additional support payments for Age Pension and welfare recipients as well as tax initiatives to help businesses off set their tax losses against past profits.

“Getting on top of the detail of the budget and understanding what the different measures mean for different people in different situations is incredibly important, especially in the current environment.

“Advisers were keen to find out more about how personal tax cuts would work for low and middle income individuals. It’s important to note that while this group will benefit from both the stage two tax cuts and the retention of the Low and Middle Income Tax Offset (LMITO), this will only apply for this financial year as the LMITO will cease to apply from 1 July 2021,” Mr Day said.

Business tax incentives were also a key focus for advisers and their clients. They were interested in how to invest in their business and get a full deduction for the cost of any depreciable assets, such as new software or IT equipment, that they use or install ready for use by 30 June 2022.

Mr Day said, “The temporary loss carry-back measure will allow an eligible business to access their losses earlier and generate a cash refund to provide a needed cash flow boost.

“An eligible business is able to carry back its losses from 2019-20, 2020-21 or 2021-22 to offset previously taxed profits from the 2018-19 year onwards. However, an eligible company with losses in 2019-20 will need to wait until it lodges its tax return for the 2020-21 income year before it can receive the cash refund. ”

Commenting on the Government’s Your Future, Your Super package, Mr Day noted, “This will be an important announcement to watch with some advisers querying whether the annual performance tests could lead to some MySuper funds (and certain choice funds 12 months later) reviewing their investment strategies and potentially leading to increased fund consolidation as funds seek to merge to gain scale, reducing costs.”

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Data from enquires made by financial advisers to Colonial First State (CFS) during March and April showed a high level of interest following the Federal Government’s introduction of a number of measures to help Australians experiencing financial hardship as a result of the coronavirus.

The wide range of measures include providing additional social security support to people and making it easier to access, offering support to employers to help them keep more Australians in employment as well as allowing retirees to preserve capital by reducing the minimum drawdown requirements for account based pensions and term allocated pensions.

The Government’s early access to super measure also allows eligible people to access up to $10,000 of their superannuation in 2019–20 and a further $10,000 in 2020–21.

CFS’ team of technical superannuation experts have been helping advisers understand the latest regulation and law changes, so they in turn, can best help their clients.

The main questions being asked by financial advisors regarding the government’s new measures included:

• Understanding the expanded eligibility rules for the JobSeeker payment and entitlement to the coronavirus supplement
• Which employers will qualify for the JobKeeper payment and what that means for their employees
• How the reduction in the account based pension minimums will apply for the remainder of 2019-20 and in 20220-21
• In what situations members will qualify for early access to their super and where they won’t.

CFS Technical Services Manager Craig Day said the technical support team has a unique insight into hot topics, based on the questions advisers receive from their clients.

“The focus from advisers to date has been on understanding how the different rules may benefit their clients to help them make important financial decisions during these difficult times.

“For many Australians this is the first time they may have interacted with the social security system or been able to withdraw money from superannuation.

“We’ve received a number of questions on how members can register their intention to claim social security benefits so they can qualify for the one or both $750 Economic Support Payments, or the $550 per fortnight coronavirus supplement. We’ve also had a lot of questions looking on how the partner income affects the applicant’s social security payment rates.”

Mr Day continued, “Since the first economic stimulus package on 12 March, the government has been making significant additional announcements as well as updating and providing further clarification on past ones.

“Getting on top of all these announcements and understanding what they mean for different people in different situations has been incredibly important.”

Commenting on the Government’s early access to super measure Mr Day said, “For those who are considering withdrawing their super under the new early release rules it’s really important to make sure you have enough funds in your super account. Depending on a fund’s reporting, the MyGov website will provide individuals with their account balance as at 30 June 2019. Given the level of volatility in asset values this means there is a chance MyGov could overstate the member’s actual account balance by a significant amount at the time of application.

“This matters because if a member has insufficient money in their fund they would then be unable to make a second application to withdraw the balance from another fund with a higher value in the same year, as you are only limited to one application per year.

Mr Day also said it was important that people are fully informed about the policy and consider the potential impacts on their super before they decide to access it.

“There could be some unintended consequences for some members. For example, fully withdrawing a small balance could result in the inadvertent cancellation of a member’s salary continuance, life and total and permanent disability insurance”.

CFS members with questions should speak to their financial adviser or check out the Centrelink website for details on JobSeeker or the ATO website for information on JobKeeper and early access to super

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