Is an SMSF right for you? Just tick the box to find out
A feeling of responsibility to education Australians and provide advice has prompted industry superannuation fund, NGS Super to launch an online self-managed super fund profiler to help them assess their suitability to run their own fund.
NGS Super chief executive, Anthony Rodwell-Ball, said the multiple choice assessment tool was developed due to the volume of biased and conflicted information about SMSFs in the market.
"With so much information out there both encouraging and deterring people from setting up an SMSF, it is incredibly tricky for individuals to understand if they're right for the job," he said.
"We believe that we have the responsibility to act in an ethical manner, educate our members and give them the advice that best suits their retirement goals, not ours."
Rodwell-Ball explained the SMSF profiler (an industry first), assesses users' suitability to manage their own SMSF by "asking critical questions that need to be considered" and "guiding them to make an informed decision".
The NGS Super chief rejected cynicism of the fund's motivation for establishing the online tool, saying, "we want to help people make the right choice for their future".
"The tool has been developed because we want to support our members and the public in making an informed decision about running their own SMSF," he said.
AUTHOR
Nicholas O'Donoghue
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