Allens partner and superannuation law expert Michelle Levy, who is heading the Quality of Advice Review with Treasury, will join a panel dissecting Quality of Advice at the SMSF Association Technical Summit being held on 27-28 July on the Gold Coast.
Levy will be one of five speakers on the Breakfast Panel discussing the topic, “Quality of Advice – A new horizon”. The other speakers will be BT Financial Group Head of Financial Literacy & Advocacy, Bryan Ashenden, FPA Chief Executive Officer, Sarah Abood, AFCA Acting Leading Ombudsman, Investments and Advice, Shail Singh, and Institute of Public Accountants Group Executive, Advocacy & Policy, Vicki Stylianou.
SMSF Association CEO John Maroney says: “The panel will examine what the quality and affordability of advice will look like in the future. It will also provide an opportunity for the industry to collaborate on proposed practical solutions to remove complexity and lower costs.”
One session certain to attract strong attention will focus on how advisers can take better care of their mental health and emotional well-being.
To be run by Artemis Investments Director Philippa Hunt, this session takes on special relevance for many delegates in the wake of a recent survey of 700 financial advisers that showed more than 50% of respondents had suffered a significant decline in their mental health since the Royal Commission and subsequent legislation.
Maroney says: “The survey returned quantitative results and anecdotal evidence of widespread issues with mental health across the industry. This session will identify aspects of mental health and emotional well-being, how to recognise undue stress and when to take action to alleviate it.
Another session with three SMSF specialists will use a case study to bring to life the “superannuation life cycle” of a professional surfer, from setting up her SMSF in her 20s to her final wipe-out in her late 70s.
SuperConcepts’ Graeme Colley will be the session narrator and client adviser whose decisions and documentation will be critically reviewed by the fund auditor, ASF Audits’ Shelley Banton. The third actor in this compelling drama will be the client’s lawyer, Coleman Greig Lawyers’ Peter Bobbin, who will provide a risk management overlay from both a client and adviser perspective.
“We’re always looking for fresh ways to give the sessions ‘a practical bent’ by creating life-like client situations to make them more compelling listening as well as stimulating delegate participation.
“With this session I believe the organisers have scored the perfect 10 by offering a documented history of a female surfer’s super life cycle, beginning with a ripple then moving on to a gnarly ride before she rides off into the sunset.
“It’s a case study that will consider the importance of documentation from different perspectives, including the client, accountant, auditor and lawyer, as delegates follow her wild ride from setting up the fund to admitting new members to the ongoing acceptance of the annual fund accounts and its final winding up.”
Cryptocurrencies will also come under the spotlight with ATO statistics showing this asset comprised $226 million of SMSF assets at 31 March 2022. RSM Director Katie Timms and Associate Director Tracey Dunn will explain the basics of blockchain, cryptocurrency and digital assets, the taxation treatment of digital assets, and sole purpose test considerations with non-fungible tokens and crypto wallets.
To register for Technical Summit 2022 please register here.