Issue 32: The value of advice and a trusted adviser – Part 2

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Issue 32: The value of advice and a trusted adviser – Part 2

This article was initially planned with a working title of “What came from the Federal Budget?’ and while there may have been a collective ‘Phew, nothing unexpected’, for advisers and SMSF industry specialists the reason for the relief may have been different from that of investors and trustees.

For investors and SMSF trustees, true, there was nothing unexpected contained within the Budget and with an election on the horizon, both major political parties have been at pains the talk of their support for the SMSF sector, with the ALP saying that it had no plans to return to the policy on the treatment of franking credits it took to the 2019 election.

For advisers and industry specialists, the light touch from the Budget was also welcomed as it added only marginally to their already high level of compliance and regulation, now leaving them better placed to focus on their clients’ investment needs and working with the SMSFs they help to remain compliant with existing and new legislation and regulation. 

In last month’s article The value of advice and a trusted adviser (part 1)’, we pointed to how an adviser can help investors and trustees navigate these considerations plus more. The article also pointed to the SMSF Associations National Conference to be held in Adelaide following Easter and how close to 1000 SMSF industry professionals would attend. 

I was fortunate enough to be there and what I saw and heard confirmed, that while there was not a lot coming from the Budget, there are some very good reasons for investors and SMSF trustees to engage with accredited specialists. Hence the change in title to ‘part 2’!

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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.