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The SMSF Services You Can Provide to Your Clients

Many people consider self-managed superannuation funds (SMSF) as a DIY super fund. However, not all members can go about it effectively. This is where your smsf services can assist your client once they decide to begin their super fund. As an SMSF financial adviser, let your client know what is involved in managing their superannuation funds. 

SMSF – What Your Clients Should Know?

When clients manage their retirement plan through super, make them understand the important factors to consider before making a decision. To begin with, they should know what the purpose of a self-managed super fund is. The reason that having their own SMSF investment strategy is attractive to many is its flexibility. Your client can also use the super fund to invest in commercial and residential properties, term deposits, direct shares, collectibles, etc.

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An SMSF is specifically designed to provide for the retirement of your client. It means someone cannot set up a self-managed superannuation fund to purchase personal property, obtain loans, or gain access to their super. It is also not allowed to use the fund to give financial aid to a family member or relative of a family member.

Also, the assets of the SMSF are used separately from the personal assets of the trustee. This ensures that the trustee’s auditor can identify the owner of a specific asset easily. 

When your client creates a self-managed superannuation fund, they need to open a bank account, register with the ATO, and create an investment strategy. They need to arrange the trust deed and the trust, as well as identify trustees and fund members. The trustee will handle certain obligations every year like the annual return lodgements, financial statements, accounts statements, super levy, and taxes. 

After setting up the SMSF, there are other things to do, like organising employer contributions, rolling over or reinvesting existing funds, and making investments in compliance with the superannuation legislation. It is essential to document all transactions for future reference.

As a financial adviser, part of the smsf services is to give your clients valuable and helpful information to help meet their investment goals both for the long and short term, whether they opt to set up a self-managed super fund or choose other superannuation funds. 

What to Look for in an SMSF Service Provider?

When your client is looking for professional assistance and advice, for which they can entrust their SMSF, there are some things they should pay attention to:

What SMSF services do they need? Do they want an all-in-one solution to help them implement an investment strategy, set-up and administration of funds? Do they specifically require fund administration assistance to ensure that their super complies with the SMSF laws and regulations?

What is included in the service? What do the quoted fees cover? What services do they get for the money? Can the service provider meet the needs of the super, its individual member’s needs, and objectives in general? 

It can be beneficial for people who decide to handle their retirement funds and take more control of them to set up a self-managed superannuation fund. After all, having a super provides the owner with more flexibility. Your client has the primary responsibility for the status of their SMSF. With this, selecting the best smsf services is crucial for your client and their funds.

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