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460,000 Self Managed Super Funds in Australia, yet so few qualified advisors, why?

By: admin|

There are on an average 1.8 trustees per self managed super funds in Australia which equates to 828,000 trustees and the number of self managed super funds is growing by the day as more and more people are seeking to control their own destiny with their investments rather than paying others for the privilege.

Other interesting issues confronting this growth industry are as follows;

* Around 30% of all financial advisors in Australia are qualified to advise clients in this area

* Whilst accountants have been previously advising their clients in some aspects of these funds many also do not hold qualifications to advise in this area.

* Real Estate Agents, Sales representatives and Developers have also been involved in some way, shape or form and whilst not giving direct advice are involved in the selling of properties that end up in the funds

* Finance Brokers are still writing loans for clients who purchase either commercial or residential investment properties through the traditional ways of financing when in fact it is not always in the clients best interest to fund the investment this way, when in fact the self manged super fund may offer better benefits and return to the clients.

Given Australia is the second most litigious country in the world behind USA how long will it be before we star to see many claims being laid against the above mentioned professions.

Solution is to ensure that everyone operating in this space to all be required to undertake the same level of education and training so that all advice givers are fully aware of their roles and responsibilities when advising on the “clients best interest” model.

Its time for regulators and the government to stand tall and ensure standard education qualifications for everyone operating in this space of Self Managed Super Funds in Australia.

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