Changed my super to a wrap account from an industry super fund in mid 2023, as I was preparing to transition to retirement. I felt like I was just a number in my industry fund. Unfortunately the account was frozen by ASIC in 2024 and now I have lost almost all my super and was forced back to work.
I have retired, have my own SMSF and to date have seen 5 Financial Planners.
ALL want to switch my SMSF over to their product range.
I attended an ASX seminar and asked one of the speakers about how I go about getting advice for my own SMSF. "Ummmm..... I don't think you can. When you don't want to run it yourself any more, that's the time to seek a Financial Planner" or words to that effect.
My wife and I are reasonably happy with our Wrap account as it still allows our adviser to be hands on regarding our other investment strategies. We still have an investment property as well as substantial cash reserves so there needs to be from time to time a re- evaluation of our investment mix.
If the couple were happy with their superfund, I would have recommended they approach their fund initially for advice. Most of the big superfunds now offer either comprehensive advice services themselves or can refer to a “panel” who have been vetted to retain the super fund unless good reason to move it.
Changed my super to a wrap account from an industry super fund in mid 2023, as I was preparing to transition to retirement. I felt like I was just a number in my industry fund. Unfortunately the account was frozen by ASIC in 2024 and now I have lost almost all my super and was forced back to work.
Great advice by Bec. My advice do your homework.
My experience to date:
I have retired, have my own SMSF and to date have seen 5 Financial Planners.
ALL want to switch my SMSF over to their product range.
I attended an ASX seminar and asked one of the speakers about how I go about getting advice for my own SMSF. "Ummmm..... I don't think you can. When you don't want to run it yourself any more, that's the time to seek a Financial Planner" or words to that effect.
My wife and I are reasonably happy with our Wrap account as it still allows our adviser to be hands on regarding our other investment strategies. We still have an investment property as well as substantial cash reserves so there needs to be from time to time a re- evaluation of our investment mix.
If the couple were happy with their superfund, I would have recommended they approach their fund initially for advice. Most of the big superfunds now offer either comprehensive advice services themselves or can refer to a “panel” who have been vetted to retain the super fund unless good reason to move it.
Thanks Bec for the brilliant advise on the 7 questions to ask a financial advisor.