Self-managed superannuation funds (SMSF) offer benefits but can be challenging to manage. Many fund owners seek professional assistance to ensure compliance with policies and regulations. SMSF Brisbane advisors can help investigate and evaluate taxation rules, create and evaluate SMSF strategies, and address regulatory and tax issues in complex scenarios. Professionals such as financial planners, accountants, tax agents, solicitors, estate planning specialists, and auditors can provide valuable guidance.
Is an SMSF advisor required?
While hiring an adviser is not required when establishing an SMSF, there are several reasons why you should consider it as you build your team.
- SMSFs require continuous management and administration
SMSFs are DIY, which means you will be responsible for the fund’s overall operations, administration, and management. These tasks include investment selection and monitoring, financial reporting, and regulatory compliance. Virtu Super’s SMSF Specialist Advisor can assist you with these tasks, allowing you to concentrate on other things.
- SMSF investment opportunities are diverse
One of the primary benefits of an SMSF is the increased control it provides over investment decisions. An SMSF fund adviser can assist you in identifying investment opportunities that align with your investment objectives and risk profile.
- SMSF regulations are intricate
SMSFs must adhere to numerous rules and regulations to avoid penalties and sanctions. Understanding superannuation and tax laws is crucial for managing an SMSF. Virtu Super has expert SMSF advisers who can help manage these complexities and ensure compliance, providing knowledge and experience to guide individuals through these complexities.
- SMSFs are not without risk.
SMSFs involve investment, regulatory, and fraud risks, which can be difficult to navigate if you are managing the Self Managed Super Fund Brisbane on your own. To help avoid or manage these risks, an SMSF fund adviser can offer advice on investment selection and monitoring.
- SMSFs have tax advantages.
SMSFs offer several tax advantages, including lower tax rates on investment earnings and the ability to pool family assets. An SMSF fund adviser can help you structure your SMSF to take advantage of these tax breaks.
What should you look for in an SMSF adviser?
Choosing an SMSF fund adviser is a critical decision that can significantly affect the success of your fund. Here are some pointers to help you choose the right adviser:
- Think about the way they communicate.
Good communication is essential when working with an SMSF adviser. They should be able to explain complex concepts in simple terms and be available to answer any questions you may have. Consider their communication style during your initial consultation and decide if it is a good fit for you.
- Make sure the advisor is independent.
Choosing an independent SMSF adviser who isn’t connected to any one financial institution is crucial. An independent adviser will be able to offer you a broader range of investment options while avoiding potential conflicts of interest.
- Enquire about their approach to investing.
A good SMSF adviser should be able to explain their investment strategy and how it fits into your objectives and risk tolerance. Make sure you understand the investments they recommend, as well as the risks.
- Examine qualifications and experience
Your SMSF adviser should have the necessary qualifications and experience. They should have an Australian Financial Services (AFS) licence and be a member of a professional organisation like the SMSF Association. Enquire about their experience with SMSFs and how long they’ve been advising clients.
- Examine their charges.
SMSF advisers charge varying fees for their services. Some may charge a set fee, while others may charge a percentage of the assets under management. Before using their services, ensure that you understand the fees and how they will be charged.
- Verify their reputation.
Before hiring an adviser, you should conduct your research and look into their reputation. Look for online reviews or referrals from friends and family. You may also want to look into their regulatory history to ensure they have a clean record.
- Seek continued assistance
Managing an SMSF is an ongoing process that will require constant assistance from your adviser. Look for an adviser who will offer ongoing support and advice, rather than a one-time consultation.
In the end,
While SMSFs give you more control over your investments, they also require more responsibility. If you are thinking about starting an SMSF, you should seek professional advice to ensure you get the most out of your investments. At Virtu Super, our SMSF advisors are eager to solve your queries.
