EP 119: Super Set Up - Jeremy Iannuzzelli

Now, one of the first things I always try to talk to my clients about is they may have seen a great advertisement.

They may have spoken to a couple of property professionals or spoken to a close friend at the barbecue.

And they've said that, you know, I've got a self-managed super fund.

Things are ticking along.

It's doing really well.

But is it actually right for you? So when clients typically come to me saying, Jeremy, I want to do a self-managed super fund.

Let's get the ball rolling.

I actually tend to slow them down a little bit.

I actually say to them, first and foremost, guys, have you reviewed the performance of your existing firm? And quite often the answer is no.

So the first thing I'd be saying is you've got to review the performance of your existing super fund, whether it's industry or retail.

But it's important to understand what your super fund's currently invested in, how it's been performing over the last five or 10 years or since the inception of the super fund.

what your contribution levels are, what your insurances are in the fund, and that's really going to give you a fundamental understanding of if it's worthwhile moving it on.

Number two, time.

A self-managed super fund does take your time.

It takes time for the compliance with the accountant, potentially financial planner.

You've got to sit down and pay all the bills.

You've got to create your investment strategy.

You've got to create the actual investments with inside the fund.

So there's a lot more time that's involved with a self-managed super fund.

And understanding if you've actually got the time to allocate to it is important because if you've got an industry or retail fund, you'll often find there's very little time that you're spending because you've got fund managers taking care of it.

So time becomes a consistent portion of the conversation that I have.

with a lot of my clients and quite often they tell me they don't have the time or Jeremy we're very time poor we don't want to do this we don't outsource it and they'll often stay with their industry farm the next thing is knowledge you've got fund managers with inside an industry or retail fund and they've got you know thousands of hours between them of knowledge I've got a lot of boards, investment advisory boards, they've got investment strategies that they're implementing across a wide range of different assets that they're investing in.

You've got to be confident that you can either retain the knowledge through dealing with professionals or you've got the knowledge yourself to be able to make the right investment decisions.

So these are all things prior to even setting up a self-managed super fund.

The next thing to consider is insurances.