From www.professionalplanner.com.au: The Australian Financial Complaints Authority advises that complaints related to SMSFs often stem from advice failures, particularly a lack of diversification in investment strategies.

Senior ombudsman Alex Sidoti noted that advisers are positioned as gatekeepers yet frequently recommend putting clients’ entire funds into single, conflicted products. T

he Financial Advice Association of Australia’s Phil Anderson argued that product manufacturers should bear more accountability for these failures instead of placing the burden solely on financial advisers.