Changes to SMSF advice

From the 1st of July 2016 a Self Managed Super Fund is deemed to be a ‘financial product’. Consequently any advice related to SMSFs is financial product advice and is governed by the Financial Services Act, which is regulated by ASIC. The upshot is that accountants no longer can provide advice the way we used to with regards to SMSFs. For all advice (which includes ‘information that could be considered to be advice’) the same process must be adhered to as with any other financial planning advice: a separate licence is required, we’ll need to compile a fact finder, including a risk profile, prepare a Statement of Advice, have this signed by the client and so on. Read Moreā€¦