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Information You won’t get from Unlicensed Accountants #72

Along with a raft of legislative change, the Australian Securities and Investments Commission (ASIC) has also introduced new licensing requirements for accountants who work with and advise Self Managed Superannuation Fund (SMSF) Trustees. Only approx. 10% of accountants have complied with these changes to date.

As such if you, as many, consider your accountant would be your 1st port of call for Financial Advice, they will likely advise you, they are unable to provide the information you require & should consult a qualified Financial Adviser / Planner.

This is general advice only and you should seek expert financial advice from a qualified financial adviser before acting on any of the information covered in these topics.

So who is getting Financial Advice ?

ASIC recently released statistics on who is getting financial advice & what their experience has been like.

Interestingly, those that have already received advice are more likely to continue to seek advice, than those that have never received advice.

The research involved three groups of people:

‘Group A’ – those who had received financial advice – tended to have higher incomes and were more likely to have been to university.

‘Group B’ – those who intend to get financial advice in the near future – were similar to Group A, but more likely to be further from retirement.

‘Group C’ – people who had recently thought about getting financial advice, but hadn’t – tended to be younger than the other two groups.

The information came from an online survey.

The results showed 27% had actually received financial advice, while 41% indicated they will be seeking financial advice in the future.

Group A who had already received advice, were significantly more interested in growing their super, than the other 2 groups.

Along with this Group A were also far more interested in:


-Estate Planning

-Retirement Income Planning

-Switching and / or consolidating their super

-Risk protection.

-Investigating whether a SMSF will suit their wealth creation needs.

To succeed in business, it is necessary to make others see things as you see them – Aristotle Onassis

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