Andep Financial Planners | SMSF Advice
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SMSF Advice

SMSF Advice

Your accountant usually establishes your SMSF and your planner does the rest.

The extract below is taken from the Australian Securities and Investments Commission (ASIC) website. It outlines which areas of superannuation accountants are no longer able to advise on.

You will not be able to do the following things without holding an AFS licence, even if you are a recognised accountant:

  • You cannot give any advice that relates to the particular assets or investment strategy of the SMSF, including whether the trustee should acquire or dispose of certain financial products or classes of financial product.
  • You cannot recommend that the client dispose of interests in another type of superannuation fund (such as an employer fund or public offer fund), or any other type of financial product, even if the recommendation is for the client to dispose of that product in order to establish or join a SMSF (for example, by rolling over funds from the other superannuation fund to the SMSF).
  • You cannot recommend that the client change the investment strategies or contribution levels of another type of superannuation fund. That is, you cannot recommend that the client stop contributing to an existing superannuation fund and instead make contributions into a SMSF. You cannot give advice to switch between investment options.
  • You cannot recommend that your client should not invest in other types of financial product.
  • You cannot recommend that your client join an existing SMSF unless that recommendation is reasonably necessary to, and an integral part of, advice about the establishment, operation, structuring or valuation of the fund.

ANDEP’S ROLE IN SMSF

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 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. If you would like to meet with a financial adviser to discuss the set-up and investments of your SMSF please contact us on (08) 9225 5899.

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Providing Uncompromised Financial Advice In Perth Since 1982.