Editor's Choice
The top investment funds over the past year
|The top-performing investment funds for the year ending March 31 have been announced, with all being ETFs focused on international equities.
AFCA finds more Dixon Advisory victims
|The Australian Financial Complaints Authority added 544 more Dixon Advisory-specific victims to total 2492 complaints at the end of April, which will further exacerbate the levy financial advisers must pay.
Senior Cbus investment manager exits
|Cbus' head of total portfolio management has left the fund, while a former JANA executive has joined its infrastructure team.
Quality of retirement does not depend on super balance: Bragg
|The Senate Economics Committee has released its interim report into using super for housing.
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Robert De Dominicis
CHIEF EXECUTIVE OFFICER
GBST HOLDINGS LIMITED
GBST HOLDINGS LIMITED
It was during a family sojourn to the seaside town of Pescara, Italy, Rob DeDominicis first laid eyes on what would become the harbinger of his future. Andrew McKean writes.
PWC by way of their comments have demonstrated their total lack of professional understanding of SMSFs. I imagine PWC receives sizeable audit remuneration from APRA regulated funds so one could be forgiven for thinking that their comments have a hidden agenda. Who in PWC actually made these comments to the FSI??
As far as I am aware the ATO is responsible for monitoring SMSF activity - not ASIC. As an Auditor of many SMSF accounts, there already is a requirement for an Investment Strategy - what value in ASIC monitoring a document when they dont really know the risk profile and long term expectations of fund members is? Would PwC like to comment on how these funds who were over exposed to, cash and term deposits fared in the recent GFC compared to the "industry and public offer Funds" managed by investment experts?? I guess as an auditor of large Financial Institutions who are a large part of the current superannution industry, that PwC would ike to see those institutions grow at the expense of an SMSF industry. Haven't we already got too much interference in our lives without more regulators wasting time and resources - after all the money belongs to the member/trustees of these Funds to do with as they see fit.
I claim that many SMSF who invested in cash throughout the GFC have performed better than number of professionally managed funds during the last 5 years. Retirees with large balances over $500,000 acted prudently by not to risking all of their funds in stock or real estate markets. Those under such levels can and do knowing well that they can make up the difference from the Centrelink if they lose. To PwC, prudent investment clearly means risking funds in stock markets alone w/o consideration to their fund size, risk profiles of individuals and stage of retirement.