The latest financial planning survey conducted by financial advice technology specialist Midwinter has shown a significant proportion of advisers believe the new rules governing self-managed superannuation fund (SMSF) investment in collectables will create an increased administrative burden.
The Midwinter AdviserTECH Planner Survey revealed 33 per cent of respondents thought the new proposed regulations would have a large impact on the amount of administration necessary to look after investments in collectables and private assets.
A further 25 per cent said the proposed changes to the legislation would have an impact on the administration of SMSFs but only a small one.
In addition, a large number of advisers surveyed admitted the new rules would lessen the likelihood of them recommending holding this style of asset within an SMSF portfolio.
Following on from the perceived increase in administrative obligations from the recently announced changes to collectables investments the majority of advisers felt the cost of their financial planning services would increase.
Close to two thirds (65 per cent) of survey participants admitted they thought this would be the case, with 10 per cent expressing their fees would increase substantially and another 32 per cent saying their fees would rise by a small amount.
To gauge the impact on the SMSF sector, the study found 7 per cent of the advisers surveyed had clients with some form of artwork or collectable asset in their SMSFs.
The survey was conducted online between 9 June and 14 June, and included responses from 128 financial planners across 21 dealer groups.
