At the fourth annual Self-Managed Super Fund Professionals' Association of Australia (SPAA) conference in Brisbane earlier this month, chairman Graeme Colley joked that the event used to be held in a phone booth but was now held in an aircraft hangar.
It shows the interest in self-managed super funds (SMSF) has grown exponentially.
Even during my cab ride into Brisbane the driver started (unprovoked) telling me about how he was retired and had sold two cab licences last year to put into his SMSF to take advantage of the changing super rules.
He was working only on a casual basis to help a mate. He was living on his super, which he was topping up through his casual work.
He had both an accountant who had set up the fund and a longstanding relationship with a financial planner. However, he said this was mainly for the planner's input on his investments.
He said the changes in the rules had been well publicised by the last government but he was unsure about choosing his investments. While he said he was pretty happy with his current arrangement, he was keen to hear more about things he could invest in.
I found his sophistication quite enlightening. People are really reading the financial pages and also digesting the messages.
The 1150 delegates to SPAA were extremely focused on learning more about the industry, new rules, potential directions of the regulators and technical solutions to their common issues.
The conference was by far SPAA's biggest yet. The association has proven its voice in the industry and on behalf of the industry to the decision makers, it's time has come.
