SMSF Review Service
Give your SMSF a "health check" and Grow your Super!
The development of the Wakefield Partners SMSF Review Service came in response to requests from SMSF trustees and their auditors to provide an annual “health check” of their super funds. Our experience is that many trustees like the DIY nature of a SMSF but recognise the need for timely relevant advice.
The SMSF Review Service aims to help Trustees to remain “on track” by providing the following;
A written report that covers the following areas;
Investment Risk Profile Development of risk profile and target asset allocation
Asset Allocation Calculation of current asset allocation and variation from the target
Investments Calculate current weightings of investments
Highlight underweight or overweight positions
Review individual investments using current recommendations
Make recommendations regarding individual investments
Life Insurance Review the life insurance provided by the fund
Binding Death Nominations Review and if necessary renew
Pension Cash flow forecast
A formal Investment Strategy that can be implemented for the coming year.
A trustees meeting to consider the recommendations and to sign off on the Investment Strategy.
This service is provided on a fee for service basis (hourly rate). We will generally be able to quote a fee on receipt of the data from the trustees with the first review likely to take longer than subsequent reviews. The trustees are then able to implement any recommendations themselves or where requested, we may be able to assist.
Interested? Talk to Richard Hayes.
Richard Hayes is an Authorised Representative of RBS Morgans Financial Planning. He has many years experience in superannuation administration, funds management, and accounting. He aims to produce efficient practical outcomes for clients.
Case Study examples
On the suggestion of their auditor, John and Iris enlisted Wakefield Partners to conduct a review of their fund. Their Wakefield Partners adviser was able to review the investment portfolio that included an investment property, several term deposits, some shares they had transferred into the fund, and a portfolio of shares managed by a broker. The adviser helped them to develop an appropriate investment strategy, renew their binding death nominations, and review their life insurance policies.
Bob and Mandy want to stay in control of their SMSF and place investments and deposits through an online broker and their bank. They recognise that they do not have the time to research suitable investments and are looking for an “advice only” service. Their annual review with their Wakefield Partners adviser enables them to stay on top of their investment strategy and provides reassurance that they are adequately fulfilling their obligations as trustees.
Frequently Asked Questions
Q. What information do you require to get started?
A. We initially require a list of investments and other relevant documents. On receipt of this information we are generally able to quote a cost for the review.
Q. Do you need to meet with the trustees?
A. A meeting (face to face or by phone) is necessary to work through the recommendations, answer any questions, and minute the adoption of the Investment Strategy. The objective is to ensure that trustees understand and stay on top of their obligations. A meeting may also be an opportunity for the trustees to discuss broader financial and estate planning issues with our adviser and their accountant.
Q. What if the I have an existing broker or financial planner?
A. The review service is designed to provide advice that the trustees may or may not choose to implement. The advice may be varied after subsequent discussions with their other advisers. Our view is that undertaking the review process helps to demonstrate that the trustees are taking their responsibilities seriously.
Q. As the client’s accountant, I want to be involved in the process.
A. We are very happy to work closely with the client’s accountant. Joint meetings often result in the generation of ideas and strategies that produce the best outcome for the client. We have long standing relationships with a number of accounting practices and are always mindful of the need to handle client relationships in a professional and ethical manner.
Q. Can you place investments if the client requests you to do so?
A. As a full service sharebroker and financial planner we can place a wide range of investments, depending on the needs of the client. We also operate as a life insurance broker.