Finance Blog

Factors to Consider When Choosing the Right SMSF Set up Service Provider

Many people often decide to run their own SMSF (self-managed super fund) as they are drawn to the flexibility and control they offer. But, actually, the reality is that until you have a great degree of SMSF as well as investment knowledge, along with a good amount of time to invest in managing your fund, you are most likely to need an efficient professional service provider like iCare Super in Melbourne.

There are several SMSF set up service providers around, that range from those who provide traditional face-to-face services to purely ones that are available online.

Here are some main factors to consider, when you look for an SMSF service provider:

  • Track record

As you see for any other services, an SMSF service provider must have many years of good experience in this sector. They should have a long list of current and satisfied clients. Find out if they can provide you with a list of client testimonials as well as referrals, so that you may independently verify the quality of the services offered by them.

  • Qualifications

It is very important to find out that the SMSF service provider you choose must be licensed appropriately. For e.g. investment advisors must be licensed by ASIC auditors and SMSF auditors must be registered with ASIC. The accountants who offer SMSF taxation advice must be qualified appropriately.

  • Cost

You must make sure that you fully understand the fee structure of the service provider before you hire their services. It is better to go through the fine print for hidden fees, so read their terms and conditions carefully. Along with that, be wary of being locked into any lengthy service contract.

When using an investment advisor, it is legally important for him/her to offer you an SOA (statement of advice) that discloses their fees fully. This SOA should even outline benefits or any commissions that they might get if your SMSF invests in things they recommend.

  • Service offered

Most reputable accounting firms like iCare Super in Melbourne processing SMSF set up can be quite helpful in end-to-end services, right from setting up, investment strategy implementation to fund administration.

There are even ones that can do specific services, like overseeing the super fund, administration services for existing SMSF, annual audit, reporting as well as compliance too. They can also advise on investment strategies and personal finance.

Your SMSF is one of the biggest investment plans of your life. Therefore, you need that peace of mind that your hard-earned money is being managed adequately, in order to maximize results and minimize risks. So, gain more control of your retirement fund with the help of SMSF set up by choosing the right partner.

If you are looking for the best and most efficient assistance on SMSF set up in Melbourne, get in touch with iCare Super today. They have a dedicated team that specializes in setting up all kinds of SMSFs as well as relative structures. It also includes an SMSF with a corporate trustee, SMSF with individual trustees, QROPs SMSF set up, bare setup, and a company set up too.

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