Ensuring that the self-funded retiree cohort gets the right financial advice to grapple with the myriad of superannuation changes remains one of the biggest challenges for the self-managed superannuation sector, says outgoing SMSF Association chief executive.
Andrea Slattery, who has led the self-managed super fund lobbying group since it was established in 2003, and has been its sole CEO, said that finding assistance to help Australians build wealth in a time of regulatory transition was essential.
"Australians need to be confident in their long-term decisions. It should be product second and consumer's best interest first," she said
Ms Slattery will be replaced by International Association of Insurance Supervisors head of capital and solvency John Maroney.
Mr Maroney, who was also the CEO of Actuaries Institute of Australia from 2006 until 2009, will return from Basel, Switzerland, to take up the role in May 2017.
Excellent track record
"John is the ideal person for this position. He was also the executive director of the Life Investment and Superannuation Association [LISA], which was the primary predecessor organisation to the Financial Service Council, and so has highly relevant," SMSFA chairman Andrew Gale said.
"He also has an excellent track record in building formal and informal relationships, with his current role at IAIS requiring him to deal with most global insurance regulators and many of the largest globally active insurers."
In her time as CEO Ms Slattery said that she has seen the SMSF sector grow from 262,000 funds and $109 billion in funds under management when the association was formed in 2003, to becoming the largest superannuation sector in terms of FUM, with $636 billion, and with more than 581,000 funds and around 1.1 million members.
"It's been hard leaving something that's been your baby, I grew it and [I grew] with it ... but there is no better time for the SMSF sector," she said.
Mr Maroney said that he would continue to build on progress made by Ms Slattery.
"Having worked for several not-for-profit member organisations, I appreciate the need to diligently serve the membership."
Ms Slattery plans to explore non-executive director opportunities and will remain a non-executive director of SMSFA.
