Peter Switzer tonightSMSF. Industry funds really worried as people run away to start their own SMSF! Tony Negline was on tonight. Some things said. "If industry funds had done such a great job, SMSFs would not be needed." "The minority of people manage their own SMSF." "Switzer: What level of funding makes it attractive? Negline: The average SMSF pays 90 basis points, so you need to have $100K to make it worthwhile some say it is $200K, others $300K." Well, funny how the lies keep being reported.... I started with $80K and it was fine!!! More power to the SMSF trustees! Control your own money! Shiny. MORE... S: Is the Govt worried about the increase of SMSF? N: Bad luck, the horse has bolted! People are making mistakes...the ATO fee for annual regulatory of SMSF is $180... I think that is will go up in time...in 5 years time, $300 per annum... to ensure there are resources to keep things under control."
I agree, im taking the plunge and becomming trustee for my family's SMSF - asgard are making it hard for my dad to liquidate his possition with them... They are not so much making it hard as not making it easy.... glad I am doing it now rather than when the mass exodus starts...
Mate they are worried. Part of the conversation was how industry funds can restructure the fees to STOP the exodus. Also, they are worried that they will lose control. Well done for getting it happening. Make sure that BEFORE you send things to the industry fund it is PERFECT in every way. They like to knock them back!!
I can't wait to get out of my industry fund and into a smsf. It's now become a no brainer for me. My partner is also a client services manager for a financial planning company. She was telling me about 80 percent of there clients have a smsf and during the gfc most of the smsf clients didn't lose much money if not none at all compared to there retail super clients. I just hope I can do a better job then my fund which has lost about $700 a month for about the last 5/6 months.
