Your accountant will usually be the one who helps initially establish an SMSF and a financial adviser can assist with investment selection and insurances. Accountants, unless they hold a financial services licence, can be quite restricted in the advice they can give in respect of SMSFs and this is where Andep can help.
ANDEP’S ROLE IN SMSF
Andep is an independent, Perth based financial planing practice with no links to a bank or any other product provider.
Andep believes that most of the time an accountant is the pivot around which all of a client’s financial affairs should revolve. We therefore encourage your existing accountant’s participation in the process of establishing an SMSF and all other aspects of your financial affairs. With your permission, your accountant is encouraged to attend our meetings and can be provided with copies of your Statements of Advice.
We can write a comprehensive investment policy which we periodically review to ensure the fund’s investments and insurances remain suitable. ASIC requires trustees to review the need for insurance within the SMSF. If insurance is needed Andep can help determine the insurance type(s) and sum(s) insured. Unlike many advisers, Andep receives no commissions from insurance policies, eliminating any conflict of interest regarding your insurances. If you come to us for advice on existing insurance policies we are unable to cancel these commissions but will instead rebate them back to you.
If you are considering setting up an SMSF there are many factors which will influence this decision. In the vast majority of cases we actually discourage clients from setting up an SMSF- though there are circumstances in which they are suitable. If you would like to meet with an adviser to discuss the set-up and investments of your SMSF, please contact us on (08) 9225 5899.