NEWS – Are offers for “discounted” SMSF advice a worthy substitute for professional financial and investment advice for SMSF Trustees?

NEWS – Are offers for “discounted” SMSF advice a worthy substitute for professional financial and investment advice for SMSF Trustees?

Are offers for “discounted” SMSF advice a worthy substitute for professional financial and investment advice for SMSF Trustees?

There are a growing number of SMSF ‘discounters’ with advertisements offering cheap over-the-phone, online advice for SMSF members and trustees, but this is no substitute for professional financial advice, an industry consultant believes. Such is the opinion of industry consultant John Wiseman from John Wiseman Consulting, who said the motivation behind this trend was SMSF trustees seeking low fees and charges, but warned that while it may appear to be a cost-effective solution, it came with its own dangers. “I can only see an ocean of trouble for those that have elected the cheap offering over professional qualified advice that is provided by specialist financial planners,” Wiseman said.

“There is absolutely no substitute for quality for anyone acting as the trustee for one of the two largest and most important assets of an individual’s life.”

With SMSFs accounting for nearly 30 per cent of the $2 trillion held in assets in superannuation accounts of around 550,000 as at December 2015 as more trustees desire control of their retirement savings/investments, Wiseman said this sheer size demanded professional financial advice as the era of the amateur do-it-yourself SMSF was almost obsolete. Read More…

Reported by Malavika Santhebennur at Money Management

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Self-Managed Superannuation Service Providers in Australia. WE do not provide Financial Advice or any other service that requires a legally authorized provider. However, where such advice or service is required we have our ‘Connect Assist’, a SuperBenefit resource we use to connect clients to a Licensed Advisor or other legally authorised service provider. SuperBenefit provides a wholistic SMSF assistance, education and administration service continuum - 1. “assistance” is help of whatsoever nature where our overall SMSF experience and knowledge enables us to provide assistance/help without any legal (or “license”) limitations. 2. “education” involves providing knowledge through teaching, coaching and mentoring about all matters SMSF, including (but not limited to) investment issues such as equities and property, 3. “administration” encompasses all admin aspects of legally required SMSF trustee and member record keeping including (but not limited to) audit and ATO matters. In keeping with our key point that SuperBenefit does not provide Financial Advice, where issues arise from 1, 2, and/or 3 above Indicate a need for a legally authorized provider (such as a Financial Adviser) and the client does not have their own service provider, the client can utilize SuperBenefit’s ‘Connect Assist’ … SuperBenefit, in itself, does not provide Financial Advice, but it does provide the wherewithal for great SMSF service. Call us 0407 361 596, no obligation FREE Connection call to see how we can help you!
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