Embarking on the journey of managing your Self-Managed Superannuation Fund is a significant step. As you search for an SMSF adviser, we can help you navigate the complexities and make informed decisions about your superannuation future.  

Understanding SMSFs

Self Managed Superannuation Funds (or SMSFs as they are commonly referred to) are a type of super fund that is directly and independently managed by an individual or small group of individuals. SMSFs represent an alternative to traditional super funds. SMSFs are a form of ‘trust’, which are given special tax concessions that are the same as those that apply to other super funds. 

A SMSF is a structure in Australia which when utilised correctly, can provide significant benefits to its members. However, SMSFs are definitely not right for everyone, and they do come with complexities that need to be understood and managed. 

SMSFs do also come with significant responsibilities for the trust members, including compliance with ATO regulations, record keeping and annual audits. Even when you’re working alongside a Financial Adviser and an Accountant, SMSFs do place a lot of responsibility and work on the shoulders of their members, and these are things that need to be well considered and understood before you step into the world of SMSFs. 

If you already have an SMSF but need a dedicated Adviser, or you are considering whether an SMSF is right for you, below are some pointers to help you get started. 

Choosing the right SMSF adviser

Expertise in SMSF regulations

When it comes to finding the right financial adviser for your SMSF, you need someone with a deep understanding of SMSF regulations. This is critical to ensure your fund remains compliant and avoids potential pitfalls, of which there are many. 

Holistic retirement planning

Importantly, you need to find an adviser who can integrate your SMSF strategy into a broader retirement plan. Consideration needs to be given to factors such as estate planning and tax efficiency, as well as your risk profile and longer-term financial goals. 

Investment guidance

You also need to make sure you find an adviser that offers strategic investment guidance. This guidance needs to be tailored to your risk tolerance and financial objectives within the SMSF framework. 

What to expect from an SMSF Adviser

Comprehensive services

Ideally, if you are looking for a Financial Adviser to support you with your SMSF, it is advantageous to find someone who can provide comprehensive advice and support not just for the SMSF, but for your broader financial affairs. Ultimately, you want to ensure you have a cohesive and considered strategy that will help you achieve your financial goals as quickly and efficiently as possible, and with as little stress as possible. When it comes to the SMSF specifically, there will be a variety of key tasks that need completion, including the establishment of the fund, ongoing administration, compliance, and strategic advice.  

Transparency & objectivity

It is important to choose an adviser who prioritises transparent communication, explaining complex concepts in a clear and accessible manner. Ultimately, you, as the owner of the SMSF, are responsible for its compliance, so you must ensure you have full understanding of your SMSF strategy.  

Working with an Independent Financial Adviser is likely also to be advantageous in this situation. Independent advisers don’t receive commissions or transactional fees of any kind based on a recommendation provided to you, meaning they are well placed to provide objective feedback that is in your best interests. When trying to decide whether an SMSF is right for you, an Independent Adviser is a great place to start – they won’t be remunerated differently based on whether you do or don’t set up an SMSF, meaning they can maintain a different level of objectivity (based on your needs and goals), and this will be different to how most other experts in the field are remunerated. 

SMSFs: What you need to know

SMSFs often have a semi mystical reputation. But are they all they are cracked up to be, and are they right for everyone? The answer is not always, and the key to deciding whether an SMSF is right for you lies in having a much clearer understanding of how they work, and when they do (and don’t) excel. 

We have put together a more detailed guide that will answer all of your questions about SMSFs if this is something you want to understand further – you can download a copy below.

Whether it is an SMSF, or simply more clever investing, speaking to an experienced Adviser is an important next step

Before making any decision about your super investment strategy, be it an SMSF or otherwise, the most important first step is to build your understanding of the various options.  

Once you have some understanding, it is imperative to get personalised financial advice from a Financial Adviser who is experienced with working with people like you, and who has no conscious or unconscious bias to recommend any particular type of fund. No matter what adviser you engage, make sure they are really experienced in this space before recommending the best super strategy for you. 

Importantly, if you do set up an SMSF, you will also need to engage an accountant, auditor and lawyer to create the fund, as well as for estate planning arrangements. You may also need an SMSF administrator. Building out a team of experienced professionals will be vital if this is the direction you take. 

No matter what, an SMSF is not a ‘set and forget’ approach – you will need to regularly review investments, insurances, estate planning, and the suitability of the fund itself. 

If you are looking for an Independent Financial Adviser to assist you with your SMSF, superannuation or retirement planning, please don’t hesitate to reach out, or to schedule an initial call with one of our Advisers today. We’d be delighted to help.  

Any information in this article is general in nature and does not consider any of your personal objectives, financial situation and needs. It is as intended, to be of a general nature only and NOT a recommendation to you. You should consider whether the information is appropriate to your needs, and where appropriate, seek personal advice from a registered financial adviser.