The Value of Financial Advice - SMSF

At Future Assist we believe good financial advice puts you in control by solving financial problems and removing stress over financial concerns.  We understand the Self Managed Super Fund trustees want to control their investment and retirement outcomes but sometimes they help and guidance. Our role as SMSF specialist advisors is to help you paint a picture of what your ideal financial future looks like and then help you to utilize your fund in the most effective way to get there. 

Specialist SMSF advice can answer questions that are important to you and improve your financial situation.  We know that because we’ve been doing it here for 25 years.  Through understanding your goals and objectives and through practical education your specials SMSF advisor can introduce you to strategies that will significantly improve your outcomes. Some questions you might have may include is an SMSF right for you? Is your current SMSF being managed correctly? Are taking advantage of all the strategic opportunities available to you? Are optimizing your tax outcomes? Have you linked your Self Managed Super Fund to your estate plan? Have you taken or are you likely to be able to take advantage of all the government entitlements available to you in retirement? Do your current investments reflect your tolerance to risk, return and investment volatility? And ultimately, will you have sufficient funds for retirement or will you outlive your capital? Our initial advice process follows a simple path; the first meeting’s free and will be with an accredited SMSF specialist advisor.  This meeting provides an opportunity for us to understand your needs and to discuss your current position, your concerns and priorities, your values and approach to money, your current and future goals, and of course, will address the questions or concerns that have led you to seek advice in the in the first place. This meeting can run as long as you need it to, but generally goes on for around 90 minutes. 

After our first meeting we should be in a position to be able to determine whether we can add real financial value to your current position. We’ll use our extensive technical resources to investigate your financial circumstances and look at SMSFstrategies that can enhance your outcomes.  

At the second meeting, which is also free, we’ll share with you our thoughts around some general strategies that might improve your particular situation and discuss the financial benefits you might receive by implementing some or all of those strategies.  In that second meeting we’ll quote to you our fee to prepare a personalized written statement of advice, which will provide a detailed explanation of our recommendations and the specific advantages that these recommendations will provide to you. The statement of advice also outlines the steps we will take to put the strategies in place as quickly and as efficiently as possible, should you want us to implement your strategies on your behalf.  

Should you wish to engage a Future Assist specialist Adviser to prepare your financial advice, this will then lead to our third meeting.  Where we’ll present your statement of advice and give you ample opportunity to ask questions and clarify understanding. An invoice for our fees will be presented at this meeting. We can also discuss our ongoing service program at that point should you be interested. 

Remember good advice and on-going education puts you in control of your financial future and our special SMSF advisors can provide you with the information and support you need while you control and direct your Self Managed Super Fund.  If you have or are considering establishing a Self Managed Super Fund, I encourage you to view our other educational content on the Future Assist website. And if you like to have a free consultation to discuss your personal situation, or even to seek a second opinion please contact us on: 1300 118 618 or Contact Future Assist

How to Establish a Self Managed Super Fund (SMSF)

The process of establishing an SMSF is often a stumbling block that makes it all too hard for people to go about this venture.  However, by following these steps from Future Assist Financial Services Group will help to make it as easy as possible for you to do.

Step one

Establishing the trustee. There are two types of trustees that a Self Managed Superannuation Fund can have, a corporate trustee or individual trustee. We recommend a corporate trustee as it provides an easy transition when members come and go from the Self Managed Superannuation Fund as well as the fact that makes it a lot easier in handling the affairs of the state of the Self Managed Superannuation Fund in the event of the death of a member.  A corporate trustee involves obtaining a company from ASRC; this step involves obtaining a company name which needs to be unique. The name of the superannuation fund however can be far more generic.  For an example, your Self Managed Superannuation Fund could be known as The Tucker Family Superannuation Fund.  However, your corporate trustee would be something like ANDL Propriety Limited, which is basically the letters of my kids’ first names.

Step two

Involves registering new superannuation fund with the Australian Taxation Office. The Self Managed Superannuation Fund will require an ABN number, a text phone number and may be required to register for GST depending on what you wanna do the fund.  To register these numbers with the ATO you need to fill out an application form which can be found online.

Step three

Commence rollover. The prospective Self Managed Superannuation Fund members will make contact with their current retail master fund plans and arrange for the rollover to be commenced. The retail master fund plan will forward a form to you, which you will need to complete and return to them.  These fund managers, the majority of these fund managers do not put this form online as naturally they don’t want to see the money going out of their funds and into someone else’s fund.  Hence the reason you need to contact them verbally.

Step four

Is setting up the bank account.  Within two to five days of ordering the company and ordering the superannuation fund deed, you will have a copy of the company constitution and also a copy of the fund deed. You will take this to your local bank and they will arrange for a bank account to be established for you. Step four establishing a bank account. Within two to five days of ordering the company and the superannuation find deed the documents will arrive to you.  You will take a copy of these documents and a copy of the company’s constitution and the Self Managed Superannuation Fund deed to the bank that you wish to use and they will set up the bank account for you. It is important for that this bank account is set up prior to the finalistion of the rollover as most retail fund managers would want to transfer your superannuation benefits via AFT.

Completing the rollover. Following completion of the bank account and the return of the forms to the retail master fund plan the money should then be rolled over into your account.  Note that on completing of the forms they need to be as accurate as possible. Retail fund managers love nothing better than to return the form to you advising that there has been an error in its application.

Step six

Is once the monies are in the bank account you're on your way to running your own Self Managed Superannuation Fund. 

Future Assist can help you with setting up your fund as it can be a complex and confusing process. Future Assist order the company, order the Superannuation Fund deed and we will register with the ATO all relevant numbers.

So come and speak to a Specialist Adviser about whether or not it would be suitable for you in setting up your own Self Managed Superannuation Fund.

Remember SMSF's are not for everyone and it is important to see if you can benefit from taking control of your superannuation.

Call us today: 1300 118 618 

or visit: www.futureassist.com.au/setupansmsf

Future Assist Investment Strategy

A self-managed superannuation fund investment strategy is, depending on how look at it either a meaningless piece of box ticking or one of the most important steps in ensuring that your self managed superfund produces the best return on your capital possible. Deciding which you want it to be through on SMSF investment strategy is an important step in the process of setting up your fund and one you should give real thought to.

When determining which investments will be suitable for your retirement goals, it is important to enlist the services of a licensed SMSF professional who has experience with retirement planning. Future Assist are experts in helping Australians determine the right investment strategy to suit their retirement goals.

You know, following your instincts, picking out great options for a good return and all the other things you imagine yourself doing when you first decided to take control of your financial future..

Agood SMSF investment strategy is not just about fulfilling the legal requirements. It is about putting a plan in place that you can stick to and can help you navigate the complex investment fields you may be looking into.

Instead, look at your SMSF investment strategy as giving you a coherent shape to the balance of your portfolio allowing you to manage it in a way that meets your objectives and making it less likely that you will dive into bad investments. After all in what other work of life would you begin without a plan in place? If you were starting a business you would have done thorough market and competitor research, established the viability of the business and known and advanced on almost everything that was likely to happen on the first year or two for everything from battles to the likely pass of our lives.

Having an overall strategy is vital. 

Trying to work without one is like trying to navigate by map without having decided on a destination, you might enjoy the journey but you aren’t likely to end up anywhere useful. The same thing applies to your superannuation fund, you need to be clear from the start about exactly what you want out of it, what level of return do you want, what level of risk are you willing to expose yourself to, how long a term do you want your investments to be, and what areas do you plan on putting your money into. 

It is important to also plan around your level of risk tolerance. Some investments invariably have a higher risk associated with them. Depending on your stage of life and other internal and external factors, will determine the appropriate level of risk you should look at approaching your investments.

An effective investment strategy will also consider the administrative and compliance requirements of your investments and ensure your fund is fully compliant at all times and with all investments.

This is where a licensed professional can provide invaluable guidance that will help you ascertain which investment strategy will suit your goals.

If these sound like a basic considerations, that is because they are and yet if you don’t have a SMSF investment strategy it can be detrimental to your overall fund results. So make sure you have a SMSF investment strategy before you start to risk your money. Know what you want out of it and how you plan to get it, don’t just treat it as a boring chore that you are forced to complete. 

Treat it as an opportunity to give your portfolio a clear direction. In doing this you will quickly find that it has a far more coherent shape and will be an invaluable guide for choosing your investments for your SMSF.

Hopefully now you can see how important an effective investment strategy can be for your SMSF, and the importance of seeking professional licensed advice to help you administer your fund and ensure it is compliant.

Future Assist Financial Services Group specialise in self-managed superannuation (SMSF) administration, compliance and investment advice. 

Speak to a licensed adviser today on: 1300 118 618