Industry funds ride SMSF waveBY MELANIE TIMBRELL | FRIDAY, 20 JUL 2012 12:10PMWithin 24 months, all large industry and corporate super funds will be offering SMSF-like capability to members. |
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You have to be kidding right? This is a nice piece of spin by the Industry Funds sector, but those that run SMSFs know it is so far from the truth. Any SMSF using a half decent administrator spends very little time doing compliance, as it is handled mostly for them, at a fraction of the cost of the fees of some of the bug funds, yes even industry funds.
Rather than pushing out spin, perhaps the Industry funds should focus on what is really loosing their memberships. Anyone with reasonable assets in their fund will find it cheaper to run the fund outside of the Industry model. Those within the profile of the Industry funds are still better off within them, those that have accumulated wealth are better off outside.
Not only there will be an increase in SMSF but investors will be very conscious on Cost. Having noticed too many clients taking matters in their own hands because clients are tired of paying excessive fees on the service provided by some platform providers. SMSF cost is likely to fall in the next 12 - 24 months with more providers on the market. Similar to what Internet broking has done, over the past 10 years.
What's more, the "SMSF-like" capability referred to in the article looks nothing like an SMSF at all. For example, will they allow the purchase of direct property? direct bonds? Investment in any listed or unlisted managed fund in Australia? And will they allow a member to buy a growth asset in the accumulation phase and then sell it in the pension phase without paying CGT? I don't think so.
So my message to people who have accumulated a reasonable amount of super - start taking control of your super and consider an SMSF.