The growth of SMSFs has opened the eyes of industry giants, according to SPAA chairman Graeme Colley.
Self-Managed Super Fund Professionals' Association of Australia (SPAA) chairman Graeme Colley reacted to recent swipes at the SMSF industry by larger super funds and their associations in his opening address at yesterday's SPAA conference.
"It seems the giant may be awakening because now others in the industry are recognising that due to their inaction SMSFs now represent a material component of the superannuation industry," Colley told delegates.
"In fact, one research group, Trowbridge Deloitte, has predicted SMSFs will be the largest investment component of the superannuation industry by about 2014.
"Whether the giant will stir or go back to sleep is yet to be seen, but at least one eye is open."
SMSFs now represent more than a quarter of the value of investments in the superannuation sector.
Colley said SPAA was aiming to have a specialist SMSF adviser involved to some extent in every SMSF within the next three years.
There are now 1150 SPAA members.
"To achieve this target in such an important part of the superannuation industry means recognition of SPAA members as providers of high-quality professional advice," Colley said.
SPAA has recently undertaken new projects to boost the quality of its members. It has revamped the exams for the Superannuation Service Adviser (SSA) specialist adviser accreditation and the development of the SSA Audit exam.
"The standards are a major work and place us on the road of having the audit of SMSFs recognised as a field in its own right rather than as part of the general subset of financial auditing," Colley said.
The next step in the accreditation process is a review of advisers.
SPAA has held recent meetings with Superannuation and Corporate Law minister Nick Sherry.
"We look forward to working with him and the continued good relationship with regulators on SMSFs," Colley said.
"It is good to see that SPAA is recognised as a dominant and credible voice of SMSFs."
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