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No doubt you’re familiar with ASIC Regulatory Guides 175 and 244, which outline the requirements for providing general and personal advice. We also suggest you read ASIC’s Report 337 ‘SMSFs: Improving the quality of advice given to investors’.
The law doesn’t specify that you must provide personal advice in relation to SMSFs, it simply identifies the elements of general and personal advice. We are aware of some dealer groups that provide SMSF related advice under a general advice model. However, these dealer groups have developed a formal process for providing advice in this manner and have strict training and supervision frameworks. Before undertaking a strategy of providing SMSF advice under a general advice model, we would suggest that you seek legal advice as it’s potentially risky, both from a regulatory perspective and in terms of potential exposure to claims.
Author: Katherine Marchant