top tips

Most of us with SMSF’s know what not to do and what can result in unsuccessful management but let’s review what can be done to improve our success of our funds both during our working life and beyond.

We know they are out there. They are the SMSF’s that were set up and are not being managed well. So what are the trustees of successful SMSF’s doing regularly that perhaps you are not?

Here’s a quick list of some hot tips to get your SMSF moving faster in the right direction:

·      Keep your documents orderly and make sure you have what is needed in place. This includes your estate planning matters. Read our blog here to find out more.

·      Automate where you can (read our blog here about the benefits of automation to reduce your admin fees.)

·      Have regular meetings with the other trustees and members and document what you have discussed

·      Regularly review your investment strategy (and I mean properly!!) Read our blog to learn more about your investment strategy.

·      Keep your finger on the pulse by actively reading articles that may impact your SMSF (these can include economic outlook articles and potential legislation changes)

·      Educate yourself – attend seminars regarding potential investment opportunities, market concerns and the economy

·      Think before you act – if you are about to do something that you haven’t done before, learn more about it and check with a professional to make sure it is allowed (read our blog about what to look for in an SMSF expert.

·      Watch out for dodgy providers and sales people. If it is too good to be true it very probably is. Anyone offering fantastic high returns with minimum risk or even a way for you to access your super early WATCH OUT!!!!

·      Obtain formal advice where necessary. Read our blog regarding when you should consider a Statement of Advice.

If you would like review how you are managing your SMSF please don’t hesitate to get in touch with us here. We are happy to help.

This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs.