It was during a poolside conversation at an advice conference that CoreData Research global CEO Andrew Inwood said the penny dropped for an SMSF adviser. Most of his clients – certainly the wealthier more profitable ones – were about 70, the adviser realised, and if he didn’t take steps soon to engage with a younger generation of clients, his business was likely to die as his clients did.

“You might want to start thinking about that,” Inwood said he told the adviser.

“Otherwise, you’re going to be winding all these things up, and I’m sure that’s going to be valuable to the family, you’re going to help a lot.”

Speaking at the SMSF Association National Conference, Andrew Inwood discussed building trust with high net worth clients in volatile markets.

He said it’s important to think about considering the needs of the client’s children.

“Should their money be outside the [superannuation] system, inside the system? That’s the next wave and it’s really important.”