Disclaimer: Any advice provided in this discussion is only general in nature. For advice that relates to you personally, please seek the advice of a qualified and trained professional.
Setting up an SMSF may sound more costly than it is complicated; unless of course, you’ve got the right advice. Learn what to look out for in this edition of the eCentral Business Show with resident financial planning expert Helen Baker.
Investments are always something we’re on the hunt for – making a wise one requires proper education and advice. That’s exactly what Helen Baker of On Your Own Two Feet provides when it comes to Self-Managed Super Funds (SMSF) and the costs involved in setting one up.
Helen notes that there are several factors involved in determining the associated costs of setting up an SMSF, more so in relation to the complexity of the fund. A SMSF involves “several cooks in the kitchen” and will require the services of not only a financial planner, but an accountant and estate planner also. All three parties will work in tandem to ensure your investment is a wise and compliant one. With this “power-team arrangement” in place, this is also often the cause of the hefty bill one would receive after setting one up.
Additional determinants include the type of SMSF in question (individual vs business), divorce/separation considerations, administrative costs, ongoing support requirements and the overall balance of the fund. Helen advises that the fees-to-investment ratio really disadvantages investors holding less than $300,000 in their fund.
Get the right advice now from a renowned financial planning expert by contacting Helen Baker today. You can even check out her book called On Your Own Two Feet for further valuable insights.
Any advice or information on this site is of a general nature only and has not taken into account your personal objectives, financial situation and needs. Because of that, before acting on the advice, you should consider its appropriateness to you, having regard to your personal objectives, financial situation, and needs. Helen Baker is an Authorised Representative (ARN 336378) of BPW Partners Pty Ltd ABN 56 629 898 693, AFSL number 548 754, an Australian Financial Services Licensee, with offices at Level 4, 127 Creek Street, Brisbane QLD 4000.