NAB and MLC licensees who attain SPAA accreditation and membership will also have access to NAB Wealth and SPAA training events.

Under the agreement MLC and SPAA will also work together on research and trustee initiatives.

MLC head of technical and development Keiran Mcllwain said the commitment will provide more of their advisers with market leading training and development opportunities in SMSF advice.

“With more Australians looking to SMSFs to engage in their superannuation and retirement plans, it is imperative advisers are there to meet the growing needs of clients around complex SMSF advice,” said Mr Mcllwain.

According to SPAA the SMSF sector has seen significant growth, with the sector now comprising of 1,023,000 members and assets held by SMSF trustees now around $559 billion.

SPAA chief executive Andrea Slattery said this commitment by MLC is a “welcome initiative that emphasises the importance of continually lifting professional standards in the SMSF space as well as setting up the right training models to achieve this goal”.

Ms Slattery said it was critical that advisers were at the forefront of professionalism to allow consumers to make more informed decisions based on trusted competent advice.

“This decision by MLC is another illustration of where the SMSF industry is heading, with recent research revealing that consumers are seeking specialist SMSF professionals who are continually looking for avenues to improve their professional standards to ensure their clients are getting the best possible advice,” she said.