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

SMSF TRUSTEE

Self-managed superannuation funds offer great benefits to those who have the ability or professional assistance to take advantage of these benefits. It is important to first note that setting up and running a SMSF is a major financial decision and making the wrong decisions can have lasting repercussions.

With this in mind, self-managed superfund operate in a very unique environment, they are tax-free environment. However they are not immune to going bankrupt, from going insolvent. If you’re self managed superfund, you are industry superfund, you are retail fund, they are all susceptible to going insolvent, now it’s unlikely they will because of the extremely conservative investment strategies that most people follow for example it’s very difficult to gear or borrow money in a self managed superfund and it’s very difficult to lend money to one of your members or to rather a party to the members. So why in this case, in this case the bank will go bankrupt as well and so can the insurance company, this is very true and fro the mouth of a 5 year old, you can go bankrupt and lose your money and that can happen for a superfund or self managed  superfund. However, what can one do if you are in a self managed superfund and you go bankrupt and you are in a self superfund, in that case you have to cease being the trustee or the director, now there are two ways to be part or run and operate a self managed superfund; either in your own individual name, so if you and your wife or you and your husband were in the self managed superfund under your own name, both of you would have to be the two trustees and both of you therefore will be the only two members, if you’ve opted to have a company or corporate trustee, a trustee that would therefore have the directors which are the members, so if you have three directors then you’ll have those three directors as the members and only those three people as the members, there is choice. However when people go bankrupt or you want to live overseas, there is a bit of a problem and without any changes to the law whatsoever the Australian Taxation Office for 6 months or  over, less than 12 months ago gave us a free kick, and said you are now able to do a special type of power of attorney which allows you, you are going to do it before you go bankrupt which will allow you have another person holding your attorney to look after your self managed superfund, to have central management control while you are out of seat, while you have unsound mind, while you are bankrupt, a huge opportunity you cannot let go, so if you are close to going insolvent then you may want to consider looking at doing these things. You will need to speak to a solicitor and get a kit on how to get one these special types of enduring powers of attorney. You cannot do it after you go insolvent because you can’t do that kind of attorney generally if you are insolvent, so think about the future, if you don’t do it then you’ll need to liquidate the position of the self managed superfund or give the fund to an APRA regulated fund, which first thing they will do is liquidate the position generally anyway. So self managed superfund’s are wonderful but you need to control them yourself and you can now thanks to the ATO, self managed superfund’s are wonderful but you have to keep the trustees pure and if you cannot do it yourself because you have unsound mind, going overseas for long periods of time or becoming insolvent or bankrupt then think about a special enduring power of attorney.

It is important to speak to a licensed financial adviser before making any financial decisions that could affect you and your family.  Future Assist are licensed to provide retirement planning advice. Speak to us today to arrange your free consultation regarding your financial planning requirements or to discuss whether or not a self-managed superfund would be appropriate for meeting your retirement goals..

Please consider the above as general information. It is not financial advice and has not been tailored to your personal financial position. Making decisions regarding your superannuation and retirement planning are major decisions that should not be taken lightly or without professional consultation.

Speak to a licensed financial planner today: Call us on 1300 118 618

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