What are the costs of a self managed super fund?
Luke Smith joined 2CC Talking Canberra 1206AM.
The Money Show aired on Friday 3 April 2020 and the topic: Costs of a self managed super fund.
In today’s topic we continue the to take a closer look at self managed superannuation funds. In part 1, we looked at how to set up a SMSF. In part 2, we looked at what’s involved in running a SMSF. In part 3, we look at the benefits of a self managed super fund. Part 4, this episode looks at costs
Key highlights include:
- What does a SMSF actually cost?
- What should you look for when looking at the fees of your non SMSF fund?
- Membership / Administration fees
- Internal Cost Ratios (ICR)
- Super splitting fees and separation fees.
- Fees in SMSF should be explicit.
- Luke compares costs of a SMSF with other types of funds
- Are there any other fees within a SMSF that you should be aware of?
- Actuarial certificate and company fees (if a company is used for the super trust structure)
- SMSF’s are probably not appropriate for smaller account balances
- What are some strategies to think about when investing in a SMSF?
- You should consider your own situation and needs before choosing a self managed superannuation option. Financial planning advice can assist you make informed decisions.
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Also available on Apple Podcasts ‘The Strategy Stacker – Luke Talks Money’
Would you like to explore the costs and benefits of a self managed super fund?
Make an appointment to catch up with Luke over the phone or via video conference. Appointments at the office will return once the Covid-19 has passed.
Envision 2CC offer: Your first appointment is at our cost – even over the phone or by video chat. Make an appointment to confidentially discuss your super and financial plans. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.
Luke will return to talk about financial planning on 2CC Talking Canberra next Friday from 4.30pm. Tune into listen live or visit our website again to catch up on the podcast. You can also check out our YouTube Channel at Envision Financial Canberra.