The self-managed super funds (SMSF) industry needs to develop the way its administrative functions operate to ensure it keeps up with evolving trends for different types of investment.
At the 2012 Association of Superannuation Funds of Australia (ASFA) National Conference held in Sydney, SuperIQ chief executive Andrew Bloore told delegates that those involved in administration need to come up with more efficient tools to meet the changing needs of their clients.
"As we look forward in this industry, we will see new and different types of investment structures to make better investments through superannuation, whether that comes from a self-managed superfund or not," Mr Bloore said.
He explained that in the past, it was difficult for investment managers to access new investment structures.
"There is a point where, as a nation, our superannuation balances are going to be such that we need to explore other areas of investment, whether that is infrastructure tools, offshore investments or residential property. SMSFs can help in that path," Mr Bloore said.
"The administration function of the superannuation industry is fundamental to how we move forward. SMSFs are here to stay, there is no doubt about that.
"[We need to] make sure we build and form different investment tools. We Need in the industry brighter and more efficient investment options to give to our members," he said.
