The SMSF Professionals' Association of Australia (SPAA) conference included a number of memorable speakers, who provided the audience with many thought-provoking comments and ideas. Below is a selection.
ASIC deputy chairman Jeremy Cooper: "What's the difference between an ASIC commissioner and a coconut? The answer is at least you can get a drink out of a coconut if you hit it hard enough."
Cooper again: "Not so long ago there was concern at ASIC about the number of lawyers in place and the lack of maths training they had when they had to come to conferences like this and deal with numbers. So they decided all the lawyers at ASIC should sit a maths exam. A third failed, a third barely passed and the other half passed with flying colours. I was in the other half."
Ord Minnett head of private wealth Dr Steve Christie speaking at a session on tax aware allocation and portfolio construction for high net worth clients: "This is a vast topic. So vast you could have the whole conference on it. I can see a few relieved faces that this isn't the case."
Explaining why anti-money laundering laws may not be too useful in thwarting terrorists in the SMSF arena, Deacons partner Scott Charaneka said: "You'd be a fairly patient terrorist if you're looking to launder money through a superannuation fund and waiting for the release to occur."
NSW Family Court judge Stephen O'Ryan quoting comedian and actor Rowan Atkinson on the relationship between lawyers, accountants and financial advisers: "We're all in the same department store - we're just on different levels."
O'Ryan speaking to a room of accountants and financial advisers: "People used to say if there was a nuclear holocaust, lawyers would be the ones that would survive, like the cockroaches. I say now the department store will be surviving - you'll be with us."
