SMSF trustees feel the pinch
Recent volatility and uncertain times appear to have undermined the confidence of Self Managed Superannuation Fund trustees.
New research released by Roy Morgan Research has revealed that SMSFs have not proved immune to the decline in confidence which has accompanied recent market volatility and the negative economic news emanating out of the US and Europe.
According to Roy Morgan industry communications director Norman Morris, total market satisfaction with superannuation investment performance fell by 0.3 per cent per cent between July and August as the share markets began to slide.
He said this reduction in satisfaction was especially evident in those with SMSFs, who had registered a 1.6 per cent decline in sentiment in the Roy Morgan Superannuation Satisfaction Report.
However, according to Morris, SMSF trustees were overall more satisfied with their lot than either retail superannuation fund or industry superannuation fund members.
AUTHOR
Mike Taylor
Recommended for you
With just 30 per cent of Australians knowing their superannuation balance to the nearest $1,000, Findex has emphasised the role of financial advice in addressing the critical super knowledge gap.
Underestimating the cost of insurance by almost $75,000 in a Statement of Advice is among multiple reasons that a relevant provider has faced action from the FSCP.
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
