Superannuation funds have come under direct fire in recent times particularly with regards to the current Royal Commission and there’s more pain to come.
If you're like most, you're no doubt outraged with the alleged rorts, gouging and lucrative commissions that have been reported.
So? Is it time to change your super fund - or time to think about taking control of your own super?
The choice ultimately is yours, and provided you don't mind taking an active hands on interest in its management - then a SMSF could be just the thing to cocoon you from the anguish so many investors are suffering nightly via media reports.
To encapsulate things in a nutshell, retail super funds cater for those who were interested in investing and saving for their retirement.
They offer investment expertise and a degree of personal service to their clients and charge a commission for that service and in return there's a veiled expectation of a return on your investment. A portion of the profits derived from the activities of retail super funds goes to the shareholders.
If, on the other hand you're thinking a (SMSF) is the way to go - you're not alone. While there is a library worth conflicting information out there, essentially searching for greater yield and transparency does come with regulatory and financial obligations that you must adhere to.
But armed with the right information and guidance, setting up and managing your own SMSF can not only be rewarding in the long term but relatively easy to administer.
Set up correctly, you'll also be eligible for tax concessions.