Financial Standard Comments - Four new SMSFs every hour

Comment by Mark Di (XYZ PL)

Mark Di (XYZ PL) — Thu, 07 Feb 2013 11:46:31 +1100

I wonder who's making all the money here. Could it be that accountants are influencing their clients to go into SMSFs because of blah, blah, blah, and then take the fees every year???? Who is regulating these SMSF establishments so that they are appropriate for the client? Accountants don't have to research the super funds that the clients are closing and rolling over from, like financial planners do, therefore it's quite easy to convince these people that a SMSF is a great idea. Am I naive? Or is there a conflict of interest here?

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Comment by Edward B (Investor)

Edward B (Investor) — Mon, 11 Feb 2013 15:55:12 +1100

"who is making all the money here?" Hopefully the investors and not only the providers. That should be the primary objective of all service providers involved - whether it is accountants or investment advisors.

It is possible that people move to control their investments themselves via a SMSF as they are disenchanted with an industry that has become complacent, has under-performed and has over-charged. If it is an ethical issue, I don't think the issue that is driving this is with the ethics of accountants....

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