Retirement
New advocacy outlet for SMSF members
A belief that Australia’s more than 1 million SMSF members need a louder voice in Canberra has led an advocacy body to launch a new membership offering for SMSF trustees.
New advocacy outlet for SMSF members
A belief that Australia’s more than 1 million SMSF members need a louder voice in Canberra has led an advocacy body to launch a new membership offering for SMSF trustees.
The Self-managed Independent Superannuation Funds Association (SISFA) has announced the redesign and relaunch of a membership offering for SMSF trustees to provide greater assistance and support to individuals it says are essentially “running their own money”.
The association said, “It has become noticeable that the needs of 1.1 million SMSF members extend beyond supporting the professionals on whom they rely for advice and expertise.”
SISFA managing director Michael Lorimer said the organisation “has long debated how to better support these individuals who are essentially ‘running their own money’ (with or without a professional adviser) and often do not have all the know-how to protect their nest eggs”.
Stating that the financial services sector has taken them for granted, he added that often, only their own industry agendas have been taken to regulators.
While not necessarily ignoring trustees, the managing director said they “rather thought that their agenda would also cover the needs of trustees without involving them in the discussion”.
According to the association, the membership will provide SMSF members with access to experienced practitioners, enhanced advocacy and suitable investment opportunities, which will reportedly “correct the imbalance where investment opportunities were only available to large super funds”.
SISFA flagged that the SMSF sector’s status being the largest superannuation asset base means it deserves access to superannuation investment options.
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