Your Retirement Adviser ("YRA") holds an AFS licence that authorises it to deal in an SMSF, but more importantly, to firstly provide advice to help ensure an SMSF is right for you. Quoting from the ATO HERE,...
"If you set up a self-managed super fund (SMSF), you're in charge – you make the investment decisions for the fund and you're held responsible for complying with the super and tax laws. It's a major financial decision and you need to have the time and skills to do it. There may be better options for your super savings."
We recommend that you get financial advice prior to establishing any SMSF, whether from YRA or another suitably AFS licenced financial adviser.
We independently hold a limited AFS Licence to provide personal advice in relation to SMSFs, superannuation, pensions, life risk insurance, estate, retirement planning and to arrange to deal in SMSFs.
Truly independent strategic advice to support you. Stay in control of your super and retirement plans.
Any/all advice is provided by Your Retirement Adviser (“YRA”). YRA is a registered business name of YSA Accounting Pty Ltd, a separate but related entity to Your Super Accountant.
Covers core considerations for anyone considering an SMSF.
- Is an SMSF appropriate – considering goals, objectives, financial situation, desire to control super savings, flexibility of investments, potential succession planning considerations (but not broader estate planning considerations within this initial scope).
- Consequences of replacing / switching products, specifically comparing an SMSF with the client’s existing superannuation fund(s) – eg costs, features, availability of insurances and other benefits.
- Client(s) suitability to have an SMSF – e.g. noting time, skills, knowledge to be a trustee and legal requirements to be an SMSF member.
- Risk profile
- Property considerations
- Duties and responsibilities of trustees
- Structure of any SMSF
- The Process
- An Engagement Letter confirming all details is provided in advance. The engagement only commences if it is agreed.
- Fact-finding processes aim to help clarify ‘real’ needs, issues, objectives and goals. The scope may be tailored at this stage (eg to cover insurances, estate planning or special circumstances).
- A formal Statement of Advice is provided.
Advice to help you take control of your super and retirement plans.
- Have you considered other do-it-yourself (DIY) super options?
- Have you considered other super funds or investment options?
- Will your self-managed fund outperform your current fund?
- Have you considered the costs?
- Will you lose valued benefits?
- Do you know enough?
- Are you aware of all your legal responsibilities?
- Do you understand the different investment markets?
- Can you construct and manage a diversified portfolio of investments?
- Do you know the tax implications?
- What if your relationship with others in the fund changes?” Source: ASIC’s Moneysmart site HERE.
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