Editor's Choice
ASIC accuses Kalkine of providing unlicensed advice
The regulator said it has concerns Kalkine's customer service representatives were providing unlicensed financial advice.
Super tax debate suffocates action for low-income Australians
As politicians, industry groups, and financial experts spar over the $3 million super tax, which will only affect a fraction of Australians, another critical problem is being ignored.
Why emotions, cash derail good investments
While we know that during turbulent times it is critical not to let emotions get in the way of investing, an investment expert and former policymaker says it is equally important to remain active and not lean in on cash.
ANZ Staff Super loses investment head
The staff superannuation scheme's investment head has resigned after less than a year in the role.
Products
Expert Feed
The gatekeeper fallacy: A critical analysis of financial advice regulation in Australia
The current regulatory framework for financial advice in Australia rests on a fundamental misconception that threatens both consumer protection and industry ...
How family shapes our financial futures
It doesn't take our 100+ years of collective wealth management experience to know that intergenerational wealth is a hard problem.
A tale of two conflicting PBRs
What happens if a spouse survives the death of the member but dies before payment has been made?
From red tape to results? DBFO's potential
With only around 15,480 financial advisers in the country at last count, and 800 Australians retiring every day, the profession is facing a severe shortage ...
Featured Profile
Liz McCarthy
CHIEF EXECUTIVE OFFICER, MLC EXPAND
INSIGNIA FINANCIAL LTD
INSIGNIA FINANCIAL LTD
Liz McCarthy has spent her whole life on the move, which has taught her invaluable lessons about life, work and always moving forward. Eliza Bavin writes.
PWC by way of their comments have demonstrated their total lack of professional understanding of SMSFs. I imagine PWC receives sizeable audit remuneration from APRA regulated funds so one could be forgiven for thinking that their comments have a hidden agenda. Who in PWC actually made these comments to the FSI??
As far as I am aware the ATO is responsible for monitoring SMSF activity - not ASIC. As an Auditor of many SMSF accounts, there already is a requirement for an Investment Strategy - what value in ASIC monitoring a document when they dont really know the risk profile and long term expectations of fund members is? Would PwC like to comment on how these funds who were over exposed to, cash and term deposits fared in the recent GFC compared to the "industry and public offer Funds" managed by investment experts?? I guess as an auditor of large Financial Institutions who are a large part of the current superannution industry, that PwC would ike to see those institutions grow at the expense of an SMSF industry. Haven't we already got too much interference in our lives without more regulators wasting time and resources - after all the money belongs to the member/trustees of these Funds to do with as they see fit.
I claim that many SMSF who invested in cash throughout the GFC have performed better than number of professionally managed funds during the last 5 years. Retirees with large balances over $500,000 acted prudently by not to risking all of their funds in stock or real estate markets. Those under such levels can and do knowing well that they can make up the difference from the Centrelink if they lose. To PwC, prudent investment clearly means risking funds in stock markets alone w/o consideration to their fund size, risk profiles of individuals and stage of retirement.