Issue 31: The value of advice and a trusted adviser – Part 1

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Issue 31: The value of advice and a trusted adviser – Part 1

Next month following the Easter break, close to 1000 SMSF professionals will gather in Adelaide over two and a half days to attend the SMSF Association National Conference.

Those attending will cover the spectrum of the SMSF and investment industry including those that are involved in providing investment and insurance advice, accounting support along with a range of administration service providers and product and service specialists.

While the conference is for industry professionals only, it is of interest for SMSF trustees and members as well as investors generally as the content will provide the specialist attendees with updates on investment practices and trends along with technical and regulatory developments very relevant to the support they provide to their clients.

This will be the first time the annual conference will be held as an in-person event since 2020 and I expect the ability to meet with colleagues in-person will add to the enthusiasm to learn, to share thoughts and keep up to date. And there is a lot to be considered as outlined in our first article this year What will 2022 bring for your SMSF?

Over the more than ten years that I have had the good fortune to attend the SMSF Association National Conference, I have never ceased to be amazed by the vigour and enthusiasm with which attendees and presenters embrace all aspects of the conference.

What is the value of advice?

Many establish an SMSF or invest on their own behalf because they want to be involved; very much the ‘Self’ in ‘Self-managed’ often seen as the ‘fun part’.

Sometimes it’s the second part of the phrase ‘managed’ that may prove more difficult to cover as the challenge of keeping up to date regarding developments – investment and regulatory wise as well as making sure full advantage is taken of regulatory opportunities and deadlines are met can be demanding.

This is where an adviser helps. They keep up to date on the ‘not-so-much-fun’ parts, as this is their job and they have an obligation to look after their clients’ interests.

They can help with:

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Disclaimer: The information contained in this document is provided for educational purposes only, is general in nature and is prepared without taking into account particular objective, financial circumstances, legal and tax issues and needs. The information provided in this article is not a substitute for legal, tax and financial product advice. Before making any decision based on this information, you should assess its relevance to your individual circumstances. While SMSF Association believes that the information provided in this article is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this bulletin is not considered financial product advice for the purposes of the Corporations Act 2001.

Ian Irvine - Guest Contributor

Ian has been a keen investor for over 40 years and can draw on his experiences from both investing on his own behalf and also having worked in financial services for more than 30 years. Over this time, he has seen many changes that impact investors’ attitudes to in what and how they invest.

He started his career in what is now referred to as fast moving consumer goods (FMCG) or grocery, working for an Australian margarine manufacturer. In 1986, he was recruited to Westpac around the time of deregulation of the sector, where he spent 10 years before taking a role at AMP and then with ASX for 14 years up to the end of 2017. He continues to be involved with ASX; working on their educational programs.

In 1996, he and his wife established their own SMSF and again the experience and lessons learned regarding managing an SMSF over the years have provided him with many insights and ideas. He enjoys sharing these with others where these are helpful and always suggest that if an investor or SMSF trustee is unsure, that they should seek appropriate advice from a licenced professional.

Ian holds a B. Com (UNSW), and lives in Sydney and enjoys travelling to and meeting investors and SMSF trustee at the educational events with which he has involvement with from time to time.