But when it comes to trustees of self-managed super funds there are three key barriers that prevent many SMSF trustees from getting professional advice.
The first is the common complaint of all investors - not knowing where to find an adviser they can trust.
The second is wanting proof of the tangible value added through the advice process.
Finally there is the issue of fees which while inter-related to the previous point speaks to the focus that SMSF trustees have on keeping their costs low.
These three points were drawn out in the latest annual survey done by the SMSF Professionals' Association of Australia (SPAA) and Russell Investments of SMSF trustees and professional advisers released this week at the annual SPAA SMSF conference.
With SMSFs now the largest segment of our superannuation system with more than $506 billion invested via 509,000 funds it represents the retirement savings almost one million Australians.
By their nature people who go to the trouble of setting up a SMSF are likely to be more engaged and want control over their superannuation fund and its investments. They are not lacking in confidence either with the survey pointing to a strong view among trustees that they can do a better job themselves.
Despite that the survey reveals a strong underlying demand for advice services - spanning both compliance and investing - and highlights the challenges advisers have to overcome to win trustees' confidence.
It should be no surprise to anyone in the financial planning industry that there is a strong level of skepticism among trustees that financial planners push products for their own benefit.
So the investment advice that is the most highly valued is in the area of investment strategy and asset allocation rather than product or fund selection. That is closely followed by tax advice.
What the 2013 survey says is that there is a continuing trend by trustees to see advice from specialists, that is advisers, accountants and auditors with extra training or qualifications who specialise in SMSFs within their business.
This is an important trend both for the advisory industry and trustees to take note of.
Delegates at the SPAA SMSF conference attend for precisely that reason - the specialist focus on SMSF regulations, tax policies, auditing rules and investment approaches.
The emergence of SMSF specialist accreditation will hopefully help trustees in their search for professional advice - be it in the investment or compliance areas.
By Robin Bowerman
Smart Investing
Principal & Head of Retail, Vanguard Investments Australia
21st February 2014
10th-April-2014 | 
