Hi Everyone.
I want to set up a SMSF as I approach retirement and would value members feedback/thoughts on providers of SMSF services/infrastructure.
My SMSF would be a single, or at most two, person fund and would likely consist of SPA3, cash/term deposits and ETFs, so nothing particularly complicated.
I presume that I would draw a pension against the SMSF when I retire and continue investing the remaining portion of the portfolio.
Can anybody recommend (or advise against) any SMSF products that they have experience with or that they are using?
Many thanks. Simon.
Hi Simon, congratulations on your imminent retirement!
Forgive me if you already know any of this, I don’t want ‘teach you to suck eggs’.
I would set up the SMSF with a Corporate Trustee to provide for perpetual succession and give protection by separating the trust’s assets from personal assets amongst other benefits.
For SMSF administration there are a number of online administrators that provide comprehensive and inexpensive admin (accountancy) services compared to full service accountancy practices. I use Online Super Fund (www.onlinesuperfund.com.au). They have supported my SMSF for a number of years and can actually set up your corporate structure and the SMSF for you. I am very happy with their service. There are a number of other providers but I don’t know anything about their services.
I terms of your continued investing, I am doing what you are thinking or doing, i.e. I currently have a core and satellite portfolio and keep the funds fully invested in the market according the SPA3 signals. I transfer money out of the portfolios on a monthly basis to pay for expenses.
Hope this helps. Cheers Rob
There are a multitude of SMSF service providers that can set up and maintain the reporting provisions. For a small SMSF you can set up one with a corporate structure (Trustee company and member/s) or individual structure (2 or more individuals up to 6 I think, as trustees and members).
You can find a lot of info on the ATO website. Well worth getting aquainted with regulations etc, especially when you are expected to be aware of your obligations.
The service provider can also give you all that is required for set up and maintenance/obligations required.
The main thing is to select a provider that suits your budget, access and competance to deliver the services and entities you will use to self manage your fund.
Hi Simon
I have been using Superguardian for every aspect of my SMSF administration since 2017. Fees are very reasonable (significantly lower than using an accountant) providing they can get a direct feed of the trade transactions from your broker. Highly likely that this is no problem but just needs to be checked as costs are kept low because pretty much everything is automated. It comes with a good online reporting system (from class.com.au) which allows you to manage timing of capital gains and losses, pension payments and the like, as well as many useful reports.
Their service is I think what sets it apart from some of the other low cost offerings, many of which try and provide support primarily or exclusively via email. With Superguardian I have quick telephone access to my account manager for any questions or help I need in addition to email. Note that I have been dealing with the same person since 2017. There may be other companies out there that are as good, but I seriously doubt there are any that would be better from a service perspective.
Hope this helps
Cheers
Hi Simon
I have been using Rivkin SMSF services for the last 10 years and happy with what they do and provide. They do the admin I manage the investment strategy and investments. DYOR, here is their website and maybe worth a chat with them but ultimately up to you. I also subscribe to Super Guide (superguide.com.au). They have lots of good information and have a dedicated section for SMSF’s, worth taking look and the subscription isn’t that expensive - I subscribe to retirement planner and SMSF membership for $132/year.
good luck with your research and beyond.
Michael
Forgot to add their website rivkin.com.au
Who mentioned Rivkin SMSF services? I have used them for nearly 20 years. I can recommend them too.
Thank you, everybody, for your great feedback.
It has been very helpful, as it’s difficult to discern which managers are good, and which ones aren’t, simply from their website, brochures, and advertising, etc.
This has been an amazing response to my query, which I wasn’t sure would even be answered. Thanks to the Share Wealth community and I will happily take further suggestions if members feel that they have an excellent SMSF provider. Regards, Simon.
Online managers will mostly all provide the necessary services. One important aspect for me was that I could access them face to face if needed. It’s hard to do business otherwise. I live in greater Melbourne, so it was necessary I could attend a shopfront for an initial interview to ensure the service provider was going to satify my needs. Whilst the interactions to run my SMSF are all electronic, including all eofy documents, signatures, audits etc, it is still a comfort to know there is still an approachable human to talk to. (old habits die hard)
Hi All, I will retire in about 4 years. I run my own SMSF. I also subscribe to superguide.com.au For those of you managing your own SMSF, what was the process from going from investment to pension phase? Thx
You probably mean from accumulation phase to pension phase. There is a transition protocol TRIS that you may or may not want to consider depending on your age.
I am no expert, but if superguide.com.au don’t offer advice, you can use the ATO website to ensure you don’t fall foul of SIS regs or seek a professional for the best advice.
Hi Emily,
I have been retired around 5yrs now - it was as simple as calling my accountant & saying Im retired from this date onwards.
I must admit I thought there would be paperwork or something, but he said that’s all I had to do was notify him.
I read all this stuff about SMSF & how hard & paper work etc but to be honest I have had one setup now for over 20yrs & its actually dead simple.
It possibly helps that I have had the same accountant for all that time & longer IM based in WA & our family accountant is based in rural town in Qld we have zoom hookup when required but that’s like once a year.
The auditor is also based in Qld for our fund.
I send them the end of year report straight out of IB the broker I use & that’s basically it.
Why more people dont use SMSF Ill never know its simple doesnt cost a whole lot once its set up & even if you just put your $$ into NDQ on the ASX or QQQM on the Nasdaq 100% you would have beaten pretty much every industry super fund over the last 20yrs by a wide margin only difference now in retirement you switch from growth assets to Income assets & for that the USA market has a lot more options - I keep all our money in USD$ & once a month convert some to AUD$ to pay the monthly Visa total cost of that is app $1USD couldn’t be simpler really.
Cheers
Paul
That’s so interesting. The whole ‘pension’ thing must just boil down to tax treatment. There’s so much Super Fund SPIN. That’s pretty sophisticated, keeping your $$ in USD. You didn’t freak out when Trump took over? I did have SPA US, but chickened out with Trump (and actioned all the SELLs) and focused on Aussie SPA portfolio. Made a small sweet return converting USD to AUD after the AUD dropped. Thanks so much for commenting. I really enjoy and get a lot of the discussion on these forums - especially relating to how people set up and look after their SMSF. I’m also interested the process you set up/discipline. Do you do quarterly reporting to monitor asset position and cash flow?
Yes. Thank you. I am a DIYer! I will get educated and do things compliantly. Thanks for your advice.
I do Option trading every night in the USA so Im constantly watching the accounts. I just send the end of the Aust fin year account to the accountant once a year although sometimes he will request an update, but I just send the Activity statement to him straight from the IB report area he doesn’t need anything else.
No Trump or any news I never worry about it bad news is good for Options as they work on volatility the higher the VIX the more Option premium you can earn.
My divi payers I’m never selling so just means I get to buy more at a cheaper price it’s just a sale & a great time to buy plus whenever the USA has a big sell off as you saw the AUD dives as most people buy the USD$ so the drop in our currency actually offsets it a bit.
Maybe I’m just old & survived the 2008 Financial crisis, so pullbacks don’t tend to bother me just a buying opportunity. Cheers