No one size fits all when it comes to super

10 December 2023, 8:56 pm

No one size fits all when it comes to super

Why Self-Managed Super Funds can be an effective tool for creating wealth.

This article offers general advice, and only a personal appointment can determine if a Self-Managed Super Fund is right for you.

SMSFs (Self-Managed Super Funds) are a powerful tool that can give you unparalleled control over your investments and retirement. The fact that there are over 600,000 SMSFs in Australia controlling over $860 billion in assets supports this conclusion.

In this article we’ll answer some key questions about Self-Managed Super Funds, and how they may suit you.

Remember, one size does not fit all when it comes to Super, so we’ll shed light on what Self-Managed Super funds are, and the value they can bring to your financial future.

Rising interest rates and inflation are making investors hit the pause button, however, often, the worst thing to do is nothing.

It’s better to be active, get informed, and then take the necessary steps to create and manage your own financial plans and investments.

An SMSF is a private superannuation fund that you manage yourself or with a small group of fellow trustees. Unlike traditional superannuation funds, where others make investment decisions on your behalf, an SMSF empowers you to take the reins and shape your financial future.

There are multiple benefits of having an SMSF:

  1. They allow you to control where your funds are invested. This includes a broad range of investment options such as stocks, bonds and property (residential or commercial) to name but a few.
  2. They offer flexibility in tailoring your investment portfolio to your unique financial goals and risk tolerance.
  3. Superannuation funds often enjoy favourable tax treatment, including concessional tax rates on contributions and potentially tax-free income streams in retirement. This can result in significant long-term savings.
  4. SMSFs offer estate planning capabilities, allowing you to nominate beneficiaries who will receive your superannuation benefits when you pass, ensuring your assets are distributed according to your wishes.

There are some responsibilities in managing an SMSF which can be onerous and complex. This can include compliance, adherence to regulations, demonstration of investment strategy, accurate record keeping and tax reporting. However, you can get a lot of assistance with these from an experienced professional advisor.

It can be difficult to trust large organisations who may use a cookie-cutter product-based approach to a plan.

When choosing a financial advisor, it is recommended that you work with someone who is focused on your specific circumstances and goals to then help you develop a tailored plan to meet your desired goals. This is goals-based planning, not product based.

Like an off-the-rack suit, one size does not fit all and you should work with a professional to understand the time, cost, responsibilities and commitments you would have with a Self-Managed Super Fund.

In conclusion, Self-Managed Super Funds can offer a level of control and customisation that is without equal in the world of superannuation.

They are attractive to people who want something more their style, with more control and a deeper understanding of their investments.

Finally, they are an excellent tool to assist with achieving specific financial objectives.

At Finwell Group, we know that every person’s circumstances are unique, and each have their own personal goals. When working with clients, we are wholly focused on understanding each person’s specific situation, starting with the ultimate objective and working together on a tailored plan that delivers these desired outcomes.

You can get help right now from our experienced team to answer your questions and determine if an SMSF is right for you.

Call us now or book an appointment by emailing or call (03) 9017 3235