Should I manage my own super?

Should I manage my own super?

So, you’re thinking of managing your own super, and doing DIY?

Well, you’re not alone as more and more Australians want to take control of their retirement future, and be in the driving seat and not behind it.

Like other super funds, SMSFs (Self Managed Super Fund) are a way of saving for your retirement. Generally, the main difference between an SMSF and other types of funds is that members of an SMSF are the trustees. This means the members of the SMSF run it for their own benefit.

Helping clients decide whether a SMSF is the right choice for them or not is what we do on a daily basis, and it is important for the clients to understand whether they have enough assets, the time, the skills and the knowledge to run their own super fund.

Running your own super fund sounds exciting and fun but it also means you have to roll your sleeves up, and devote your time to running it, and run it well.

Most clients need to be reminded that it is a major financial decision, so understanding the ins and outs of running your own super is a must before you can confidently make an informed decision.


Top 7 Motivators for a SMSF

There are some common motivators for deciding to start a SMSF, and here are some of those reasons.

  1. Control

One of the most compelling reasons as to why people enjoy running their own super fund is CONTROL. Most people want to be in the driver’s seat and take charge of their retirement future.

  1. Choice

Most people who enjoy having control delight in having lots of choices. Choices over investment assets which range from the traditional ones like cash, term deposits, shares, managed funds, direct properties to non-traditional assets like collectibles and art.

  1. Cost

If you’re in the driver’s seat, you are in control over what and how to invest and ultimately how to run your super fund cost effectively to suit your objectives and goals.

  1. Performance

With control and choice over investment assets, most people enjoy the fact they can steer the performance of the fund returns to suit their investment strategies better than having it in a retail super fund where you have no control over the management.

  1. Taxation

Most super investments are considered to be tax-effective but within a SMSF there are other taxation strategies and structures available to enjoy additional taxation benefits that normal retail super investors don’t have access to.

  1. Borrowing

Under a SMSF  you may be able to access certain privileges such as the ability to borrow funds to do additional investing.

  1. Estate Planning

Other perks trustees enjoy is the ability to structure their super to allow member benefits to be paid to beneficiaries in the most tax effective manner.


Key Considerations of SMSFs

While SMSFs work for some people, they’re not a bed of roses for everyone. Educating clients on everything they need to consider and understand on what it actually means to be a trustee of a super fund is an important step I take to enable my clients to make informed decisions with confidence.

So, what is involved, and what do you need to consider?

Here is a short video from the Australian Taxation Office (ATO) on ‘What’s involved with an SMSF”?

Running your own super fund means you are responsible for it.

Do you have enough assets, time and skills to run your own fund?

Sometimes asking yourself questions can help you understand whether you are an ideal candidate to run your own super fund ‘on your own’.

Questions like:


  • Am I a confident and a knowledgeable investor?
  • Do I have enough super savings to make the fund viable?
  • Do I have the appropriate skills to make good investment decisions?
  • Am I aware of the requirements of being an SMSF trustee?
  • Can I devote the time to manage my super fund appropriately?
  • How do I formulate an investment strategy for my fund?
  • How do I make investment choices?
  • How do I effectively manage investment risks?
  • Do I have the time to follow super laws and keep up to date?
  • Getting the right professional advice


Just because you run your own super fund doesn’t mean you have to go solo.

Running your own super fund is exciting but it is a complex area, and it is not for the faint hearted.

Even though you are running your own super you can partner with a professional who specialises in the area of self-managed super funds.

A professional like a trusted SMSF Association Specialist Advisor™ (SSA™) can provide expert advice on how to best manage your super to maximise your retirement goals.

Only advisors with the SSA™ designation have undergone an independent accreditation program which not only tests knowledge of SMSF legislation and regulatory requirements, but also assesses professional business and ethical practices to ensure ‘best practice’ standards.

This is why we cannot stress the importance of partnering with a professional adviser with whom you can make informed decisions together.

How can a professional help you?

When considering an SMSF, they can advise on:

  • Whether an SMSF is right for you
  • How to structure your fund
  • The necessary SMSF setup steps
  • Your responsibilities and obligations
  • Developing strategies to maximise your returns

When managing your SMSF, they can help:

  • Develop SMSF strategies that will assist you in meeting your retirement goals
  • Ensure that that you meet the rules and regulations of a complying SMSF
  • Effectively manage your assets

Do you need to further assistance on your super situation? Our professional advisers can point you in the right direction.

For more help on reaching your superannuation goals, talk to a Dome Financial Adviser in Charlestown, Tamworth and Hunter Valley.

The information contained on this page is for discussion purposes only and is not intended to constitute financial product advice. It does not take into consideration any persons objectives, financial situation or needs. You should consider its appropriateness in light of your circumstances and consider seeking professional advice relevant to your individual before making a decision based on any information on this page.


Top 3 Financial Tips for your 20s

Top 3 Financial Tips for your 20s Congratulations! You’ve survived your teenage years, finished higher school education and graduated with professional skills, confidence and a zest to conquer the world. All the hard work, resilience and many life’s highs and lows...
Read More

Back to Basics 3 Money Principles

When life is chaotic it’s best to keep things simple. This is the same with your money principles. Keep it simple, and practice the ‘back to basics’ money management principles to help you stay financially fit and healthy.   1. Cut down on money going OUT  ...
Read More

Savvy Financial Tips for Women | Financial Planners in Charlestown, Hunter Valley & Tamworth

Savvy Financial Tips for Women For many women juggling to maintain balance over career and family time, it can get tough. It is even tougher when it comes to money. Here are some tips to help you stay in control and be financially savvy. 1. Make ‘compounding’ your...
Read More

5 Steps to Financial Zen | Financial Planners in Charlestown, Hunter Valley & Tamworth

Steps to Finding Financial Zen (Financial Peace of Mind) It’s very hard to find financial peace of mind or financial zen if you’re constantly faced with financial problems or money woes. So, how can we leave the circle of financial stress and achieve financial peace...
Read More

3 Golden Rules to a solid Investment Plan

The 3 Golden Rules to Investing When it comes to creating wealth, you need to start with a solid plan. A plan that is personalised to your situation, and one that is appropriate to meet your financial goals and objectives. Everyone is different, so every plan should...
Read More

What are the benefits only a financial planner can provide?

The many benefits financial planners provide As a financial planning professional, a question we get asked a lot by new clients is  "Do people really need a Financial Planner when so much DIY information is available online?", and so we’ve decided to clear up the...
Read More

Should you outsource your financial future to a financial planner?

These days, we outsource a lot of tasks to external professionals. Due to the chaotic nature of the busy lives we lead, we rely more and more on professionals who have the experience, knowledge and most importantly, the time to get things done for us. Simple things...
Read More

It’s your financial future, learn to plan for it, now!

It’s your future. Do something about it now. “It’s not the plan that’s important, it’s the planning.” - Graham Edwards You can have the best plan in the world but if you don’t act on it, why bother with one?   Top 5 Tips on How to plan for your financial future....
Read More

P: 02 4969 7069 | 1300 723 300