SMSF training should not be specialist field

Training and education for self-managed superannuation funds (SMSF) should not be carved out or treated as a specialist undertaking but rather remain part of any adviser training related to superannuation according to CPA Australia (CPAA). 

In its second round submission to the Financial System Inquiry CPAA stated SMSFs were “are an integral component of the superannuation industry and this should be reflected in the topics required to be covered for superannuation”. 

CPAA also stated that financial planners offering advice on any financial product, including SMSFs, should have a minimum degree level education and that the current education standards and requirements did not adequately cover many issues that arose in the provision of holistic advice. 

“To provide holistic financial planning advice there are a range of areas that a financial adviser needs to complete, which is beyond the current focus of financial planning, insurance, superannuation and investments. There is estate planning, aged care, tax and structuring advice for example,” the submission stated. 

It also called for the development of a new core curriculum which covers all the skills and knowledge required for a degree level minimum education but rejected the introduction of a national exam which would only test knowledge while overlooking the competencies necessary to provide financial planning advice.