Comment of the Week goes to...

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Comment of the week goes to Matthew Ross for his contribution to the debate on Wednesday’s article ‘Critical academic ‘ignorant’ of Australia.’

Earlier this week, a visiting European academic by the name of Professor Robert Holzmann, told media of his amazement there was no competency test for SMSF trustees. On Wednesday, SPAA chief executive Andrea Slattery said to Wealth Professional the comments were “elitist” and no test was needed as trustees seek out information for themselves.

But many of the commentators so far on this topic agreed with Holzmann, not Slattery. Wealth Professional would still like to see more debate on this topic, so feel free to keep on posting!

Matthew Ross said:

"I just had a second appointment with new clients who have come to me with an SMSF.

They know little about what they can and can't do with it.

I asked them (they are aged 55 and 54) that if they had to complete a compulsory course to remain as a trustee of an SMSF would they:

a) complete the course happily
b) shut down the SMSF

They said a) with big enthusiasm. People want education, they want to be empowered with information.

Unfortunately there are some people who can't be bothered educating others. They feel that it will reduce the need for them as advisers, reduce the value they provide; remove some of the complexity that they charge for.

Ignoring people's need and want for education is very ignorant, lazy and self-serving. We need more discussion about this, though understand that certain people have a vested interest in shutting it down.

But we as financial advisers have to put the clients’ interest first....if they want education, let's give it to them."