‘Shonky’ Operators Eye SMSFs as Trustees Shun Advice

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The negative sentiment towards financial advice and the increasing trend of self-directed investment is seeing SMSF trustees continue to be caught up in schemes established by dodgy operators, according to an industry lawyer.

Sophie Grace director Sophie Gerber says while SMSF practitioners can do a lot to educate their clients about some of the property spruikers and other unscrupulous operators, many SMSF trustees aren’t in the advice system.

“You have some very competent advisers but they need to be able to explain their value to potential clients, because individuals have become so sceptical of advisers more generally,” Ms Gerber told SMSF Adviser.

“These investors want to manage their SMSF themselves, so self-directed investment is becoming a big trend.”

Read More on SMSF Adviser or in PDF on our Media Page.

About The Author

Sophie Gerber

Sophie is the director of both Sophie Grace Legal Pty Ltd and Sophie Grace Pty Ltd. Sophie has worked with some of Australia’s largest financial services organisations in compliance, legal and operational roles. She has also worked with small businesses to provide tailored solutions with a strong understanding of business practicalities as well as obligations to regulators.

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