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Free Statement of Advice for Anyone Who Sets up an SMSF with Future Assist

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Free Statement of Advice for Anyone Who Sets up an SMSF with Future Assist
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AssociatedLFutureAssist on 28/08/2013 - 16:45 futureassist.com.au (130 clicks)
type#FREE-SOAintothecomments

Tired of under performing super + high fees? Take Control today with an SMSF and start tracking towards those retirement goals!

Get a free consultation with one of our specialist SMSF financial advisers and Take Control of your Superannuation!

? Not sure if you have enough in Super?

? Not sure what to invest in?

? Not sure of the legalities involved with SMSF?

Why set up a SMSF with Future Assist?
- Lower administration costs for FULL SERVICE SMSF administration.
- Expert advice on all facets of your SMSF + your own personal adviser for life!
- Assistance in identifying and actioning various investment opportunities that will help you reach your retirement goals
- Financial guidance and advice for your personal situation outside of your SMSF.

Financial Administration Self Managed Superannuation Set up Superannuation

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  • arend on 28/08/2013 - 16:49
    +1

    SPAM!

  • AssociatedFutureAssist @ futureassist.com.au on 28/08/2013 - 16:51
    -2

    Statement of advice normally valued at up to $2,200

    • pyramid on 28/08/2013 - 16:53
      +4

      Thats too much. My super contribution till date is $2199…So if you take $2200 as fees, what will you manage for me?

      • AssociatedFutureAssist @ futureassist.com.au on 28/08/2013 - 17:02

        hey cniminc,

        haha. good assumption.
        yes, self-managing your superannuation requires you to have a balance and contributions that merit the fees you will be paying. However, most retail and industry superannuation funds charge between .5 and 3% to manage your money so the more you accumulate the more it will cost you to run. Future Assist, and most SMSF administrators only charge on a set fee, so the more you accumulate the less the fees will be for you (on a percentage basis). Something to think about as you accumulate super.

        • Dlite on 28/08/2013 - 22:22

          This is wrong most retail and industry funds do decrease fees as a percentage the higher your balance.

          So you are saying that the investments in an SMSF do not include assets under management fees in most situations? I think not. You really have an AFS license?

        • AssociatedFutureAssist @ futureassist.com.au on 29/08/2013 - 09:25

          Hey Dlite, I said 'most' retail and industry funds because most do not decrease fees as a percentage the higher your balance. They only decrease their fees (on a percentage) basis when you transition to retirement, a common misunderstanding most super funds are happy for you to assume. Personally, I used to be with REST and whether I had $30k or $3m their fees for funds under management where the same percentage.

          We differ, in that we charge a flat fee for administering your SMSF (as mentioned this fee can vary, depending upon your investment complexity). So someone with an SMSF of $75k investing in only blue chip AU shares pays the same fee as someone with a SMSF balance of $10 million investing in the same asset class.
          - With retail and industry funds, someone with a $75k balance allocating their investments to AU shares will most certainly pay ALOT less fees than someone who has $10m investing the same way.

          Hope this helps, answers…? I’m not trying to argue, just trying to be proactive in answering as many people as possible

          We definitely have an AFSL: 413674

        • Dlite on 29/08/2013 - 11:59

          I have worked with many funds that fees decrease with balance eg. AMP's CustomSuper that rebates a percentage of their fees dependant on the balance size.

          Are you saying that there are no percentage based fees on the investments you offer!! This is where most administrators/fund managers get there money these days. I am positive there will be a percentage based fee on investments they will vary substantially between funds.

          REST Supers fees excluding investment fees are only $157 on a $100,000 balance, each extra $100k balance is another $100. What are your minimum fees, you seem scared to say.

        • AssociatedFutureAssist @ futureassist.com.au on 29/08/2013 - 13:32

          Hey Dlite,

          No percentage fee on administering a SMSF. It's a set fee.

          Any commissions, fees, percentage returns we make are clearly outline in our Financial Services Guide. (given to you on your first complimentary consultation).

          Your right, I am avoiding the question, because I don't think this is the right place to discuss it all, sorry. Legislation requires us, under our AFSL to disclose this at the first appointment to the client (not online). sorry.

          Industry funds really have come into their own now that the market has picked up! low fees and high returns. Hence why SMSF's are not suited for everyone.

    • mskeggs on 28/08/2013 - 17:01

      And what are the SMSF fees? Is that inclusive of audit? Please include prices in the title.

  • save my dollarydoos on 28/08/2013 - 16:52

    It's been a while since I've been in banking but I thought those giving personal tailored financial advice are legally required to provide statements of advice…

    • AssociatedFutureAssist @ futureassist.com.au on 28/08/2013 - 16:55

      hey Themojorising,

      yes you do, most accountants offer SMSF set up, but you will need to source your own Statement of advice if they are not licensed to give financial advice.
      You can set up an SMSF with us for a minimal fee, however receiving investment advice attracts a fee. (we are offering this advice complimentary with this offer).

      thanks,

      Future Assist

      • save my dollarydoos on 28/08/2013 - 17:02

        Then you may want to clarify that in your OP as to avoid confusion.

  • mtjz on 28/08/2013 - 17:00

    Yes Free SOA, but will you charge us consultation fees? By the hour maybe?

    • AssociatedFutureAssist @ futureassist.com.au on 28/08/2013 - 17:03

      hey mtjz.

      we charge a set fee, per annum. dependant upon your SMSF set up and investment preferences.

      • pyramid on 28/08/2013 - 17:04
        +1

        you are smart. you dint answer question asked by mtjz "but will you charge us consultation fees? By the hour maybe?". OZB community hates over smart people..

        • mskeggs on 28/08/2013 - 17:07

          And what is the set fee? Put it in the title please.

        • AssociatedFutureAssist @ futureassist.com.au on 28/08/2013 - 17:12

          No consultation fee. We don't charge by the hour. Australian financial services laws require you to be 100% up front with the fees we charge and any commissions we make. 100% disclosed to you at your first consultation (free of charge)

        • AssociatedFutureAssist @ futureassist.com.au on 28/08/2013 - 17:16

          (not to try and sound like a politician deceiving you haha) but the set fee is entirely dependant upon the asset classes you want to invest into and complexity of your fund. this is disclosed to you in writing at you first consultation (free of charge). Its not best practice to have a 'blanket-rule' fee for all. you can compare some providers here: http://www.thesmsfreview.com.au/comparison-table-smsf.html

        • cwongtech on 28/08/2013 - 21:13
          +1

          but the set fee is entirely dependant upon the asset classes you want to invest into and complexity of your fund. this is disclosed to you in writing at you first consultation (free of charge).

          Disclosed to you in writing is "free of charge"?
          I thought it was required by law to disclose any commissions (think they removed this recently) or benefits that you will gain when a client chooses a certain product.

        • AssociatedFutureAssist @ futureassist.com.au on 29/08/2013 - 09:27

          Yes, your right. 100% disclosed. 100% transparent, as required by law.

  • oz-dxer on 28/08/2013 - 17:25
    +1

    I have an SMSF, only "fees" i pay is to ASIC, about $200, Fund Tax audit and tax return about $1500
    Financial advice is FREE cos i do it myself :)
    Thats why i have a SMSF.

    • AssociatedFutureAssist @ futureassist.com.au on 28/08/2013 - 17:55

      Your actually in the minority oz-dxer. not everyone is as cluee as yourself, hence why we are offering assistance with financial advice for those who want the control of an SMSF, but don't necessarily know the best approach to maximising their SMSF. Nice work on going it alone! have you shopped around for a better tax return/audit..?

      • pmupsinep on 28/08/2013 - 19:35
        +1

        Your
        not everyone
        cluee
        have you

        You want people to trust your advice for their hundreds of thousands of dollars of retirement savings when you can't even spell or use capital letters at the beginning of sentences? A bit of professionalism should be displayed for this sort of product don't you think? You're not selling iPhone cases on Ebay here. What are your qualifications?

        • AssociatedFutureAssist @ futureassist.com.au on 29/08/2013 - 10:05

          hahaha your right pmupsinep, appalling spelling (and grammar might I add). In part, no thanks to my iPad. Lucky im just a rookie and ALL our advice comes from our Senior Financial Adviser's, who have impeccable spelling and grammar :)
          Perhaps I should stick to posting personal items on ebay… apologies for any offence caused.

      • oz-dxer on 28/08/2013 - 21:23

        The $1500 is part of other tax returns we do so it part cost of a "bundle"
        I havent looked around but those costs are well short of any admin fees we would pay in a "standard" super fund.

        As a matter of interest, i actually often call them a "Self Mismanaged Super Fund"…. lol

  • rehab on 28/08/2013 - 18:07

    I have a SMSF through superannuationwarehouse

    It was free to setup including doing all the ATO / ABN / ACN numbers etc. Monthly fee is $39. There are no extra charges to submit my yearly tax return. The fella that runs it is friendly and knowledgeable.

    However if you want to buy property through your SMSF the costs increase to $79 a month and you have to pay for a Bare Trust ($1500) but I just put my money into shares and term deposits. Thats it!

    I looked through your site and cant see any mention of fees or charges? What are you monthly fees and charges?

    You will have to excuse my scepticism but this appears to be advertising not a bargain at all.

    • AssociatedFutureAssist @ futureassist.com.au on 29/08/2013 - 10:07

      Hey Rehab. Thanks for pointing this out! We will work on including our prices listed on our site plainly for people to see.

  • Dlite on 28/08/2013 - 18:30

    Unless you have over $300k in super, SMSF is unlikely to be a good option.

    Best super for the average person is likely to be an industry super fund eg. http://www.rest.com.au/ low fees no commissions.

    • Drphods on 28/08/2013 - 19:20

      Why neg the OP? He's just promoting his business via a 'special'. 100s of others do the very same on this site.

      • jeffo-8 on 28/08/2013 - 19:36

        and yes we end up spending whatever disposable income we have on torches, solder irons, coffee beans and the like. Some bright, some hot and some a tad dull…

        Last thing i would do is consider Superannuation advice posted here.

        Wrong space for your bargain I think OP.

      • Dlite on 28/08/2013 - 21:41
        +3

        Because it is my prerogative, The fact that the advice is centred on a SMSF tells me immediately it is not independent financial advice, as a financial adviser should never go into a planning session with an end goal in mind if they do advice will be biased. Always go to a financial planner who is not associated with the investments they offer.

        And the fact that it is a "Free Statement of Advice for Anyone Who Sets up an SMSF with Future Assist" i.e. it is not free unless you set up an SMSF, very misleading.

        And the fact this post or their web site gives no information on whom a SMSF is suitable for, any potential fees…etc absolutely no information.

        FFS the original post doesn't even mention that an SMSF stands for Self Managed Superannuation Fund, it is a simple cut and paste where they haven't even bothered to fix the bullet points.

        • glados on 28/08/2013 - 23:21

          This is very true. a SMSF will only suit a very select type of investor. Many have been suckered in with the idea that they can use their super money to buy property.

        • AssociatedFutureAssist @ futureassist.com.au on 29/08/2013 - 11:38

          Yeah your right. there are a lot of property sharks out their. not providing 'financial advice' just flogging properties. (real estate agents and property developers in financial planners clothing)

        • AssociatedFutureAssist @ futureassist.com.au on 29/08/2013 - 11:41

          Hi Dlite, you absolutely right.

          We do not enter into any consultation with an end goal to 'sell' anyone anything. but once someone decides to set up an SMSF, we then advise them unbiasedly and based on their retirement goals, the best approach to reaching those goals.

          SMSF's are NOT for everyone, this is a fact.

          Someone who is 35 years old with $80k in super may not be suited to an SMSF due to the fees and low contributions. however someone who is the same age with the same balance, but earns $250,000 per annum may be well suited to an SMSF due to the contributions.

          We don't advertise on our website who is and isn't suitable for an SMSF because no individual is the same and we don't put a blanket rule on this. We sit down with them and discuss their situation.

          cut me a little slack… re: the bullet points… I didn't know each post NEEDS to be hand written and their bullet points a certain format. Im not providing superannuation advice via this forum, simply chucking out an offer for anyone to sit down with our financial Advisers to discuss further.

          again… im a rookie :) just trying to answer all questions/criticisms I can. P.s thank you for some of your comments, they have been good!

        • pyramid on 29/08/2013 - 13:57

          Honestly, I don't think anyone who is earning $250k per annum is visiting Ozbargain. You may need to look somewhere else.

      • AssociatedFutureAssist @ futureassist.com.au on 29/08/2013 - 10:31

        Thanks Drphods :)
        1st time poster, Long time reader

  • Tadashi on 28/08/2013 - 19:57

    I'm looking into purchasing a ppty is a SMSF. This could save me $$$. Good deal for some. U dont need $300k in your super to make it worth while.

    • glados on 28/08/2013 - 20:20

      how is it going to save you $$$ out of interest?

      • Tadashi on 29/08/2013 - 09:21

        I need to set a smsf and a bare trust to hold the property regardless of where i go. I will also need an SOA which cost over $1500. If the cost to setup the smsf trust and bare trust are comparable to what an accountant charges then i get the SOA without paying for it.

        • AssociatedFutureAssist @ futureassist.com.au on 29/08/2013 - 10:35

          correct! and happy to give you a quote on our prices for you to compare against others, based on what you would like to achieve. call us on 1300 118 618 and ask to speak to Jimmy :)
          There are a lot of external factors that come into play with SMSF that we seek to ascertain and take into consideration when advising whether or not an SMSF is right for you. (especially with property)

  • glados on 28/08/2013 - 20:19
    +2

    I think people are being a bit unfair on the OP, he's just trying to promote his business and he's being active in responding to people (so not really spam). I think its nice we're seeing some diversity in Ozbargain, not just the usual plethora of cheap iphone cases, free iphone apps or stuff from Banggood. Nothing wrong with financial planning IF its done right.

    All that said, its my personal opinion that ASIC/APRA/ATO is going to come down on SMSF sprukiers with a sledgehammer of legislation in the future. So many people have absolutely no clue about SMSF's and are being taken for a massive ride by real estate salesmen. As SMSF's dont fall under as strict a regulatory environment, its not uncommon for the government regulator to shrug their shoulders at those who've received shoddy advice and say its the risk of a SMSF. I dont know the OP or have any comment at all on his business, but what I would suggest to people is to really research the pros, cons and risks of taking on a SMSF.

    PROTIP: If you purchase a property through an SMSF you CANNOT live in it. (few people seem to know this)

    • Dlite on 28/08/2013 - 21:48
      +2

      +1 to see some diversity and +1 for the active nature of the original poster.

      • AssociatedFutureAssist @ futureassist.com.au on 29/08/2013 - 10:58

        Appreciated Dlite! :)

    • AssociatedFutureAssist @ futureassist.com.au on 29/08/2013 - 10:57

      Thank you glados !
      We are trying our best!

      This is the first time we have posted as a company. Perhaps next time I should just design a iPhone case or stubby holder with our website and phone number on it and give it away for free with our offer on it :) haha.

      And you are right! FOFA is the name of the new legislation: http://futureofadvice.treasury.gov.au/Content/Content.aspx?d… and they are already cracking down HARD on us (and all advisers and banks). I think ultimately it is a good thing for the public.
      The financial services industry in general has a pretty tarnished name due to a few wrong do'ers, so anything that can help rehabilitate this image is a good thing all round, for ALL advisers doing the right thing.

  • AssociatedFutureAssist @ futureassist.com.au on 29/08/2013 - 11:24

    Hey all,

    Just a clarification on this offer: (sorry I'm a rookie, first time post)

    1. SMSF's (or self-managing your superannuation) require by law a clear and documented 'investment strategy' (http://www.ato.gov.au/Print-publications/Running-a-self-mana…) that leads to the sole purpose test for your retirement (read more: http://www.apra.gov.au/super/documents/iii-a-4-the-sole-purp… )

    - most 'online SMSF administrators' or 'cheaper' administrators assume that you are a more astute investor and are able to create your own, or they provide you with a cut and paste template to do this.
    - Most people who are not as astute investors and who don't know SMSF legislation usually obtain this from a financial planning firm in the form of a statement of advice.

    1. A statement of advice is a separate cost to setting up an SMSF. If you set up a SMSF with your accountant, unless he is licensed, he cannot give you advice on your investment strategy.

    With our offer, we are offering a FREE statement of advice for clients who set up an SMSF with Future Assist. Once the SMSF is set up, we then sit down with you and work out what your retirement goals will be, how long you have left in the work force, what your current and future super contributions will be, what asset classes you are comfortable investing in, the current fees you pay in your super… and THEN ascertain what your best strategy should be to go about achieving your retirement goals.

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