You may be inclined to handle your own self-managed super fund (SMSF) because it provides you with more control and flexibility. However, you must be warned that it may seem exciting and interesting at the start, but you can get burned out in the long run because this is a complex process that requires rigorous attention. If you don’t possess a proficient level of SMSF, investment, and finance knowledge, you may be taking up more than you are capable of handling. When it comes to managing a money fund, it will take time, expertise, skill, and experience so you will not lose the money you worked so hard to acquire. Luckily, there are many SMSF service providers like Super Concepts to help you out. When you are scouting for a firm to collaborate with, here are some considerations that may be able to help you narrow down your prospects.
Peruse the Qualifications
When you are choosing your SMSF service firm, the priority is the license. This signifies the reputation of the company you are working with. To illustrate, SMSF auditors are required to have registration with the SIC. In addition, those accountants that offer SMSF taxation financial advice must be certified. The ASIC must accredit investment advisers. These accreditation credentials exhibit compliance with government and industry regulations. It indicates that you will be working with a team that possess proper software solutions and tools. Most importantly, it signifies that you will work with a firm that operates in accordance with the laws. This is vital because you don’t want to incur penalties due to improper handling.
Research the History and Records of the Firm
Conduct your due diligence! It is vital to ascertain how many years of service the SMSF Firm has rendered in the industry. To illustrate, Super Concepts has 30 years of service, and they have received many awards of excellence over the years. This kind of longevity is proof of excellence. It shows that they have been successfully serving their clients effectively. It would help if you also found out who their current and past clientele are so you can ask first-hand testimonials of how well they have managed other people’s funds. A reputable SMSF firm will be happy to give you a reference list to show their confidence in their capabilities. The amount of clients they handle is a great indicator of the quality of their services.
Find Out the Address of the Firm
It would be best if your SMSF firm is located in Australia. Their address asserts that you can readily access them in case you have pressing problems. It is advantageous to work within the same timezone so you can collaborate at a similar pace. Should your chosen firm be in a faraway city, you have to ascertain that they have the technology and online customer support to address your needs. If you prefer to have live face-to-face meetings, then you have to choose a firm that’s near your physical address. When online or offline, this depends on your preference, but the primary thing is your SMSF firm must comply with all the pertinent licenses.
Find Out the Fee Structure
Before you sign up a contract with an SMSF firm, you must be fully-abreast regarding the fee structure. They are required by the government to provide you with an accurate SOA or statement of advice that highlights the fees and commissions they will be taking from you. It would be best if you found a firm that offers flexibility. If you need a full-service, they should be able to give that to you. In the same token, if you only want to avail of special service, you must have this option as well. Do scan the fine print for any hidden fees that may end up costing you a lot of money. Be wary of service providers that want to lock you into a very long contract because this will be very limiting for you. You want the freedom and flexibility to opt-out in case the partnership is no longer working to your advantage.
Bottom Line
With so many SMSF providers out there, it may be confusing and overwhelming to decide which one to pick. Remember, there may be many providers, but they are not created equal. It would help if you researched to find the most cost-efficient finance management and accounting firm that will provide you with the best advice. You need the proper information so you can grow your money and make the best financial decisions that suit your needs.
