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Not all those people had choices. I suggest you go and work in a typical public accounting firm. A fair portion of those people were ''sold'' a SMSF by the accountant, typically an easy sell during fear of the GFC, many just setting up funds to invest in term deposits or just buying the four banks. ''You know if you make a negative return this year and you make a negative return next year in another 10 years you'll have nothing left, so you need to take control Mr Consumer...take control...but it's your choice''.. yes that line works wonders. Options like hold, or switch to a more conservative option were never raised. I see many people who struggle to understand a term deposit having a SMSF. but then again accountants also fought in wars to sell, a trust deed, a chocolate shake, in a 15 minute, compulsory tax return meeting. So it's their right to take advantage of stupid people also isn't it, in return for $2K to $3K a year in fees selling at multiple times of revenue. Yes, God bless our veterans, and God bless those accountants and people who struggle with understanding when there term deposit matures in a SMSF.