AI tools erode role of SMSF advisers, survey shows

Binaya Dahal

Journalist

10 June 2026

Use of traditional advisers in Australia’s self-managed superannuation fund (SMSF) sector continue to decline as AI tools and online research reshape how investors establish and structure retirement savings.

A survey of 3,000 SMSF trustees commissioned by Vanguard found a record 48,500 Australians established new fund in the 12 months to December 2025, but the reliance on traditional financial advice at the point of set-up fell by three percentage points compared with a year earlier.

Nearly three-quarters of new trustees reported undertaking their own online research before establishing an SMSF, while close to 40% said they used AI-enabled tools to inform their decision-making.

Vanguard Australia’s head of financial advice Rachel White said the SMSF market is clearly entering a new phase.

“Technology has lowered the barriers to entry, giving more Australians confidence to take direct control of their super,” she said. “Trustees are coming into SMSFs more informed, often after extensive self‑education.”

However, White cautioned that while AI tools can serve as a useful starting point for investors, they are not subject to the same fiduciary obligations as licensed advisers.

“SMSFs are becoming more accessible to a broader set of Australians,” she said. “But with that opportunity comes responsibility. Trustees need the right tools, education and support to manage that responsibility over time.”

The survey showed trustees are willing to manage day-to-day investment decisions themselves but continue to seek professional advice for more complex areas.

“The role of advice is evolving, not disappearing,” White said. “Trustees are comfortable managing the basics, but they continue to recognise the value of professional expertise where financial, tax and family outcomes intersect.”

Despite rising digital engagement, administrative burden remains one of the most persistent pain points across the SMSF cycle. Trustees cited investment selection, regulatory compliance and paperwork as the most difficult aspects of running a fund.

“Digital tools help, but responsibility ultimately still sits with the trustee, and that carries a real compliance burden,” White said.