At the heart of the appeal of a Self-Managed Super Fund (SMSF) lies control.
With more and more complexity in the legislation and goal post moving by the Regulator, it is easy to think that the appeal of an SMSF might start waning.
But there is nothing new with our superannuation system being tinkered with, despite all the calls for the government to leave it be. And there is no surprise to those who truly understand SMSFs that despite the shifting sands, SMSF numbers continue to grow.
Many people think that having control of what you invest in is what control in an SMSF is all about. But Australians can get quite a lot of investment choice in other types of superannuation funds these days, so investment choice is only part of the story.
The true and continuing appeal of an SMSF lies in the fact that your SMSF client gets to control EVERYTHING to do with their superannuation.
And yes, there are rules to follow, but within those rules, there really is something special about being able to create your own superannuation destiny (I can’t help but think of how much kids love Build-A-Bear).
Your SMSF client gets to decide:
Who’s in charge – is it them or their Enduring Power of Attorney
Who are their service providers – who are the people they trust to look after their interests
What trust deed rules to adopt
Whether to customise the trust deed to suit their circumstances
Who they have in the SMSF with them – is it just them, their family or will it be multi-generational
What to invest in
Who to invest with – can they pool money with others for greater opportunities
How much to invest
When to invest
Whether to have insurance
What type of insurance to have
What level of insurance to have
If they are eligible to take benefits
·How to structure the benefits they take
When they take the benefits
How much benefits they take
Who gets their death benefits
How their death benefits are paid
And for everything your SMSF client can control there are so many reasons why control can be to their advantage.
For example, they can:
Research service providers and engage them to have a service that works best for their SMSF
Customise their trust deed rules to make it unique to their circumstances
Pool money across generations and across entities to take advantage of more expensive investment opportunities
Quickly and easily invest in new types of investments to market
Readily work with their service providers to build out a retirement plan and implement it
Tailor their death benefit strategy to maximise their inter-generational wealth transfer
And control isn’t just about being in charge and the advantages that can come from that, it is also about being connected. Superannuation is all about the journey to retirement, so being actively engaged with this journey make it something real. It becomes something tangible and part of their everyday life.
And that journey can keep them connected to you as their trust adviser, a connection they don’t get from a call centre where their superannuation (and their retirement dreams) sits in the hands of some stranger.
At Keep It Simple Super we have spent over 15 years helping Financial Advisers and Accountant deliver exceptional SMSF services to their clients. Keeping your clients happy and coming back each year is our goal. Book a discovery call with one of our team to see if we can help you create the perfect SMSF service for your business - Click here
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