Spruiking hype another SMSF attack

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Despite stern comments from ASIC, BGL Corporate Solutions managing director Ron Lesh says property spruikers aren’t being seen as such a big deal in the industry.

“It’s not like we’re seeing that there’s a lot of SMSFs buying bad property. I think it’s more people jumping up and down and looking at some way that they can attack the SMSF industry,” says Lesh.

“Generally, in most cases, if SMSFs are going to buy property they’ve discussed it with their adviser beforehand. I don’t think the spruikers are a big deal and we’re not seeing a lot of evidence to support the fact that they are. I just think we’re seeing a bit more of PR stuff out there.”

Lesh says the main issue coming up for SMSFs is revaluing all assets for market in 2014. BGL and RP Data have formed a partnership to offer clients those valuations electronically and automatically without chasing-up clients. SMSF auditors and advisers will also be able to do a land title search to make sure the property is in the right name, he says.

The system will also make the process safer for those that are worried about lurking spruikers. “If the trustee, before he buys the property, goes back to the adviser and says ‘I’m looking to buy this property can u give me some info on it’, the adviser can be able to get a report on that property – on the history, on other properties in the area – so it’ll certainly help to make a better buying decision.”

Lesh says clients will be able to request residential and commercial property valuations in a number of different forms through their BGL Simple Fund software.

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