- SMSF Accreditation on the Rise
- ANZIIF Launches Know Risk Network
- SMSFs Unaware of Risks and Obligations
- Asia Pacific Job Market Results
SMSF Accreditation on the Rise
The number of financial professionals who have obtained an SMSF accreditation is up 65% on last year, according to the Self-Managed Super Fund Professionals’ Association of Australia (SPAA).
SPAA offers two designations: SMSF Specialist Adviser (SSA) and SMSF Specialist Auditor (SSAud). Over 600 practitioners achieved the SSA accreditation in the past year, and the Association said the number of practitioners obtaining both accreditations was also growing.
“SPAA has experienced strong interest from financial planning dealer groups and accountants who are entering the marketplace and who are interested in ensuring their SMSF advisors have the SPAA SSA as the minimum educational requirement,” said Andrea Slattery, SPAA CEO.
“SPAA is a registered Tax Agent Association and is the only non-accounting association that has memberships from the accounting and financial planning professions. This provides an opportunity for advisors to raise their level of advice capacity for all strategic advice,” she added.
ANZIIF Launches Know Risk Network
The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) has launched an update to its online network designed to help consumers understand insurance and risk.
The network, called Know Risk, includes a website, twitter and facebook forums and a mobile application to help customers keep track of their insurance details.
ANZIIF’s CEO, Joan Fitzpatrick, said the goal of the network was to improve community resilience by providing easily accessible information about both practical and financial risk management. The initiative was prompted by the spate of natural disasters which have occurred recently in Australia and New Zealand.
“The fallout of these events also brought home the negative image that the insurance industry continues to suffer unjustly. The industry has failed to cut through this negativity despite its contribution of millions of dollars in claims payments and months of dedicated hard work by insurance professionals to help rebuild communities in their time of need,” Ms Fitzpatrick said.
SMSFs Unaware of Risks and Obligations
First-time SMSF investors are exposing themselves to a range of risks, with many unaware of the complexities of running their own fund says specialist insurance provider Self Super Insurance.
According to market research conducted by the insurer, almost one third of SMSF trustees have limited awareness of their obligations, putting them at risk of breaching their duty.
“As the sector gets larger and even more complex and some of the legislative reforms take effect next year, there are bound to be more risks to trustees that aren’t as apparent as the more familiar ones,” said John Kelly, Managing Director of Self Super Insurance.
Self Super Insurance provides insurance to SMSFs, covering situations such as ATO audits, prosecutions, penalties, excess contributions and trustee disputes.
Asia Pacific Job Market Results
The demand for financial services professionals in the Asia Pacific region has slowed with no growth reported between quarters 2 and 3 this year, according to eFinancial Careers.
Australia experienced a drop of 1% in the number of jobs advertised, which eFinancial Careers attributes to a static market.
The report found that the strongest demand in the region was for roles in sales and marketing and risk management, while the greatest declines were recorded in private banking and wealth management, insurance and retail banking.
George Mc Ferran, Head of Asia Pacific at eFinancial Careers, said he remained optimistic despite the recent slump. “Asia Pacic is still an engine of growth, so we can expect the employment market to hold up despite the current global economic market uncertainty,” he said.
