Hi - I don't know whether this is an acceptable subject for this General Chat section, but I do know that IceInSpace guys are an eclectic lot and may be able to help me. I am retired in a on an allocated pension fund but I am less than happy with the performance/treatment etc. Has anyone had experience with a Self Managed Super Fund and if so could they point me in the right direction to find out more? I know that when you search for SMSF on the net you get a million hits but which ones are the goodies? I suspect that there are a lot of traps out there but maybe there is a good info site?
Cheers Peter
Hi Peter,
The recent Global Financial Crisis has meant that a lot of retired people have had cause to review their super. Please be aware that there are penalties for giving financial advice when not licensed. This restriction will probably limit the information you get from other IIS forum members.
Advisors are being encouraged to work on a "Fee for Charge" basis ( an hourly rate). Alternatively, a Licensed Investment Advisor will probably have a leaning toward a Fund or Funds that gives them an income from the clients (and their money) that they introduce ( commisson basis as a %). Either way, the subsequent investments they make on your behalf provides the pension that you receive from your Allocated Pension. Allocated Pensions are generally invested in medium to low risk investments.
With your own SMSF it becomes your responsibilty to invest your hard earned cash. There are many pitfalls. On the other hand, there are many sources of education to help you find your way through these complex matters.
Investing in the Share Market can be very pleasing when you get it right but you must be prepared to incur losses from time to time. You need a passion to be successful. Some years you can do very well, others become just so so. It takes time, patience, cash and common sense.
Are you prepared to discuss your funds "performance/treatment"?
What specific things have made you "less than happy"'?
SMSFs arnt hard, Ive had mine for over 15yrs and wouldnt have it any other way. Fees, bad advice and commercial funds simply going broke arnt worth the grief IMO. After initially actively fiddling with the stockmarket, I settled on "buy and forget" (blue chip), it works in the long run. Ask any accountant to set it up, it will cost about $2-3K a year to run. You need to have at least $100k invested to make it worth it though.
