Roy Keenan from Yarra Capital Management shares insights with James Dunn from The Inside Network on the role of active management. The Inside Adviser
After the Hayne Royal Commission many advisers decided to steer away from large dealer groups in favour of becoming self-licensed. In the last six months, however, that trend has taken an abrupt turn.
Maroney leaves large footprint on SMSF sector
The CEO of the SMSF Association, John Maroney (pictured), will step down after the 2023 National Conference in Melbourne after nearly six years in the position, leaving behind an impressive list of achievements. He will be succeeded by Peter Burgess, the association’s current Deputy CEO and Director of Policy & Education.
Maroney, who was Head of Capital and Solvency at the International Association of Insurance Supervisors in Basel, Switzerland, before he took the position in May 2017, will leave a deep footprint on the Association and the wider SMSF sector. On his watch, closer relations have been forged with the SMSF sector’s regulators, ATO and ASIC, and other associations in the advice, superannuation, and retirement sectors, as well as a strong focus on enhancing the quality of advice and the knowledge of trustees.
Maroney says: “I came to the role at an interesting time because the 2016 Federal Budget had introduced a lot of change to the SMSF sector, and the Association had to respond in a way that minimised its impact on both our members and their clients.
“It was a challenging time but since then I think it’s fair to say we have enjoyed some good policy wins that have benefited our members, with the highlight being the 2021 Federal Budget that saw a range of measures introduced.
“Some are now part of the SMSF landscape, such as removing the work test for non-concessional contributions for individuals aged 67 to 74 years and lowering the eligibility age from 65 to 60 now (and possibly to 55 later) to make downsizer contributions, and we’re still hopeful others, such as reforms to the residency rules for SMSFs and allowing SMSF members stuck in legacy pensions to convert to more conventional style pension, will still happen.
“We also worked closely with other organisations to oppose the proposal to abolish refundable franking credits and were pleased when the Labor Party dropped this policy before the 2022 federal election.”
Maroney says although the policy work is vitally important – the association is playing a key role in the Quality of Advice Review currently underway – the organisation never loses sight of its core mission – to promote the interests of its professional members, including financial advisers, accountants and others.
“In this respect, we are very proud of the fact that we only lost one in-person national conference during COVID (a virtual conference was held in 2021), as we know how much our members appreciate the value and congeniality of these events. The chance to hear in person specialists in their fields, as well as the networking opportunities they afford, is something we know members really value.
“It’s why we have now turned the Technical Summit into a two-day event with the numbers attending last week’s event on the Gold Coast demonstrating strong support for a mid-year in-person event. The Summit’s appeal was also highlighted by the fact we could attract Michelle Levy, who is heading the year-long Quality of Advice Review, as well as some senior Treasury officials, to speak at the event and to spend a morning with most members of the Joint Association Working Group to discuss our joint submission and to receive an update on future consultation plans for the review.
“These events have also helped us maintain membership numbers in what have been very difficult times, and the organisation is confident that as COVID hopefully recedes, professional membership numbers will grow.
“Members understand the real benefits they receive from belonging to the peak body in the SMSF sector, especially the focus we place on improving their educational standards via our relationships with organisations such as Deakin University and Kaplan.”
Maroney brought extensive experience in senior management, board and consulting roles in superannuation, insurance, Australian and international financial regulation, actuarial and risk management, plus managing professional and industry associations, to the SMSF Association. Key roles included CEO of the Actuaries Institute and Australian Government Actuary.
“It’s been a privilege and pleasure to serve the Association and its very engaged membership over nearly six years, and I wish the SMSF Association and its members all the best for the future.”
