Financial Advice Blog

Do you need to see a financial advisor to manage your super?

Superannuation can determine the lifestyle you are able to maintain in retirement.  So whether you’re inching closer toward retirement, wanting to set up an SMSF, or simply looking to take control of your finances better, it might be worth considering engaging a financial advisor. 

Although the average Australian might not regularly interact with their superannuation account, it’s one of the most important investments we have to secure and safeguard our financial future. Superannuation can determine the lifestyle you can maintain in retirement.  But do you need to see a financial advisor to manage your super?  Whether you’re inching closer toward retirement, wanting to set up an SMSF, or simply looking to take control of your finances better, it might be worth considering engaging a financial advisor.

In this blog post, we’ll explore the circumstances when it may be worth considering a financial advisor for your super, balanced with when a DIY approach with your super fund may be best.

When to see a financial advisor to manage your super

The role of a financial advisor is to help everyday Australians achieve their financial goals by helping them to make smart decisions with their money, including their superannuation.  But do you really need to see a financial advisor to manage your super, or is it something you can manage yourself?

We recommend seeking the advice of a qualified financial advisor if you are considering a self-managed super fund (SMSF). While SMSFs provide Australians with greater control and flexibility over their invested funds, SMSFs can be complex.  It can be difficult to understand the finer details and ensure you’re making the right decisions for your investment. SMSFs also have tight regulations and compliance requirements that must be adhered to — an area many Australians may not feel confident in.

It’s worth taking the time to find a financial advisor who specialises in SMSFs and that has a team of in-house accountants to ensure the smooth management of your nest egg. Our professional team of financial advisors and accountants can help you understand how to set up an SMSF in Australia, build strategies to maximise your investments and minimise tax, ensure you’re meeting compliance requirements, and regularly review your strategy so that it continues to work in your favour.

When to take a DIY approach to manage your super

From unlocking a comfortable retirement to feeling secure when making important financial decisions, a financial advisor’s expertise can be priceless. But when it comes to managing your super , you may be able to do this on your own or with your fund’s advisors.

A super fund does not require complex ongoing management, like an SMSF. In most cases, superannuation advice from a financial advisor is typically provided as part of a person’s overall financial plan, not stand-alone advice. That said, a financial advisor can help clients manage their super by sourcing a better-suited fund with lower fees, providing advice on asset allocation, and suggesting strategies to grow your super balance, including splitting their contributions with a spouse or salary sacrificing.

If a person wants advice solely on optimising their super fund and none of their other financial affairs, then speaking directly to their super fund provider may be the more cost-effective option.

Grow your SMSF with Financial Spectrum

Developing the right SMSF strategy and optimising it over time, all while meeting compliance requirements, requires knowledge and skill. For this reason, we always recommend seeking the help of a financial advisor who specialises in SMSFs. That way, you can take back control of your super while staying compliant at the same time.

Financial Spectrum is an SMSF specialist with our in-house team of accountants. We can help you learn how to set up an SMSF, optimise and stay compliant with your investments and enable you to manage all aspects of your financial affairs in one place. This provides a seamless experience and ensures that nothing slips between the cracks.

Find out how we can help you maximise your super and prepare for retirement by booking an appointment with us today.

FAQs

How much does it cost to set up an SMSF?

The amount you pay to set up an SMSF account will depend on a range of factors, such as:

  • Your current super balance
  • How you intend to use the funds (property investment, etc.)
  • The kinds of trustees you want managing the fund
  • Whether you will be engaging with a financial advisor

How long does it take to set up an SMSF?

Your SMSF set-up time will depend on the level of support you have when creating your account. However, as you will be relying on several parties to get your SMSF up and running, it’s recommended that you allow between four to six weeks to complete the set-up process.

How do I choose a financial advisor to manage my super?

Your superannuation will shape your retirement, so it’s essential to choose a financial advisor to manage your super who is highly experienced in what you are looking to achieve. Having a strong association with an accountant is also valuable for SMSF structuring and compliance. Financial Spectrum has a team of skilled in-house financial advisors and accountants, providing a seamless SMSF management service for clients.

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