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Why You Need An Smsf Financial Adviser
Most people don't mind doing extra work if they can see the benefits of it. And make no mistake; running your own smsf is certainly extra work. However, you do stand to make more from it – but only if you get that professional advice first; unless you already have the necessary investment skills. Unless you are a complete newbie to the world of smsf, you will realise that it is still necessary to have help to run that self managed superannuation fund.
The name is actually a misnomer since you not only need help to set it up, but legally, you must also have someone audit it for you on an annual basis. And of course, you cannot buy shares on your own unless you are a broker, so you will need help there too. Not all investment brokers give advice, but unless you know a lot about shares and investments you should choose one that also offers advice on the best kind of shares to buy, at least at first.
When it comes to an smsf investment strategy, Australia has many specialists that can give you advice. However, your accountant may not be the person to do this. Not all accountants are qualified or licensed to offer financial advice on such matters. If they do so without the necessary qualifications they can be in a whole lot of trouble. This rule is to protect people from getting poor advice and losing money because of it.
There are many different superannuation funds and not all do a bad job of making money, however it is a wise person who will take note of exactly how their fund is doing every year, whether it is one they are in or one they run themselves.
One thing to remember when you have your own smsf is that the buck stops with you. Even if you were given bad advice or did something you didn't realise was illegal, you have to take the blame; ignorance is no protection. That said, if you make a mistake your auditor will find out and you are usually given a specified period of time in which to make it right.