Lower balances no impediment to SMSF establishment

"financial-planning"/

7 April 2015
| By Mike |
image
image image
expand image

Most accountants and financial advisers would be prepared to establish a self-managed superannuation fund (SMSF) with as little as $100,000 to $200,000, according to a survey conducted by Money Management.

The survey, sponsored by Australian Unity Personal Financial Services and conducted during the recent SMSF Association national conference in Melbourne, suggests planners and accountants giving advice in the SMSF sector do not necessarily adhere to the convention that the minimum account balance should be closer to $300,000 to justify establishment of an SMSF.

Indeed the sentiment of those undertaking the survey seemed to be that establishment of an SMSF should be based as much on strategy as on fund balances.

Asked what they regarded as being the minimum funds under management necessary to establish an SMSF, 51 per cent of respondents cited $100,000 and $200,000, with 21.4 per cent citing the lower figure.

This compared to 14.2 per cent who cited $300,000, 14.2 per cent who cited $400,000 and the just 10 per cent who cited $500,000.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months ago

Commonwealth Bank has formally dropped to zero advisers following LGT Crestone’s acquisition of its advice arm – some six years on from the Hayne royal commission. ...

4 weeks ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week 4 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

2 weeks 6 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
3