A recent research survey conducted by Rice Warner Actuaries on SMSF Trustees confirmed that although 66% of Trustees said they were happy with their adviser there were many not so convinced their existing service proposition is fair value. Some of the concerns they expressed are noted below:
1. The adviser is more interested in the products sold rather than the return for the client.
2. Advice given is too simple and general in nature, for the cost to be justified.
3. The adviser doesn’t make contact; the client has to contact them.
4. Financial advice from the major channels is highly conflicted by what is on their approve product lists and platforms.
The important thing to remember is that YOU are the client and YOU are clearly paying for a professional service. Make sure you get what you need and if you don’t then find someone who is professional enough to help you.
To assist you in understanding the jargon that is often spoken during meetings with your advisers, SMSFEducation.com.au has developed Australia’s largest online resource library of content specifically written for Self Managed Superannuation Trustees and it’s for free.
SMSF Education Chairman Warrick Hanley says SMSFEducatoin.com.au was never created to replace the need for Specialist SMSF Advice, rather to help Trustees understand the responsibilities they have taken on and opportunities now available to them by having a Self Managed Superannuation Fund.
Self Managed Superannuation Funds are powerful tax structures that historically have primarily been established to allow trustees to have control over their investments, with the strategic opportunities often overlooked. This is equivalent to buying a Ferrari and only playing with the wipers while it sits on the driveway.
When Trustees of the fastest growing sector of the superannuation landscape in Australia get a handle on what’s available to them, the likelihood of their retirement goals being achieved, improves exponentially due to the high level of engagement they now have with their superannuation savings.