Clients Response to Set Up of a Self-Managed Super Fund
Phil Griffiths has been accountant for our family company and our three siblings for many years and in 2008 setup our SMSF. Phil guided us through the process of setting up a loan through our SMSF for an investment property. After reading about problems other investors have had with SMSF loans for investments, we realise that his complete professionalism has saved us from pain and tax department problems by ensuring all our financial statements and mandatory reporting requirements comply with Australian Accounting Standards.
We looked into having more control over what our superannuation was being invested in and decided to set up SMSF. Our first step was to understand the process and what restrictions if any were on the SMSF so we attended the SMSF workshop at Griffiths Advisory which was very informative. We compared set-up costs of a few accounting firms and Griffiths were slightly better but the information and interaction from Griffiths was far better. In saying that there are fees and depending on the complexity of your set-up I think the fees are reasonable. We set-up a Trust Company for our SMSF that manages our SMSF and the bare trust for our house purchased by the fund. Once set-up the running costs are low and very easy to add additional Bare Trust loan if expanding our portfolio later on down the track. We haven’t expanded too far into shares so I can’t comment on this but the house management is simple and the running of the SMSF is very easy with the help of Griffiths Advisory. We have had our house for 2 years and I would do it again, it is well explained, fully supported, you won’t look back if you change.
Phil set up a SMSF for my wife and me approximately 20 years ago and it has proved to be a great benefit to us over the years. It was a relatively inexpensive and trouble-free process. Griffiths Advisory personnel prepare the accounts and Phil audits the SMSF and charges pm a time spent basis. In my case Griffiths Advisory time-based charges are far less than a retail or industry fund fee which is calculated on a percentage of the fund assets. More importantly Griffiths Advisory provides expert advice on structure, tax, running and compliance in connection with the SMSF, and most importantly for us is that we, as directors of the corporate trustee, corporate trustee, control the assets and make our own decisions on investments.
Griffiths Advisory setup our SMSF in 2004. All the required deeds and associated regulatory documents being handled by Griffiths Advisory, this was a painless exercise for us only needing our signatures where required. The initial setup fees are one off and not expensive. Some people have a fear that because it’s a super fund it’s complicated, it’s not, but they do come with rules and requirements to make sure your fund is compliant. The fees charged are time based and not a percentage of total funds invested, so it keeps it simple as your fund grows the fees as a percentage of total funds invested will reduce.
Don’t expect to see Phil in an expensive suit or any suit, that’s not his style, he’s a laid back straight to the point, no bullshit, tell it how it is person, just like he is charging down some snow ski slope on his board. Phil’s guidance in setting up SMSF made the whole process seem like a breeze. Phil’s charges are very reasonable, you know exactly what is going in and out. You are in control.
Griffiths made it easy for us to set up our SMSF and we have had excellent administrative support from them ever since – removing the hassle and worries of compliance.
Sometimes it is a little daunting doing something this important in an area you are not very familiar with, but all the issues are resolved by Griffiths Advisory whose service is very professional and affordable which leaves you in complete control, we have not looked back.
In February 2007 we decided to take Griffiths Advisory advice and setup our self-managed super fund, due never really seeing much benefit with industry super funds as all our contributions seemed to be paying for their fees. We were a little unsure at first because we had never done anything like this before. Once again the team at Griffiths Advisory ensured that we understood the process which wasn’t complicated at all and explained everything that was required of us. The process was easy and best thing is we have total control of our hard earned funds.
Over all I am very happy the way my super fund is growing at a steady rate that I have control over in the way I want my SMSF to grow. This has provided me with an opportunity in learning about super funds the Australian share markets, having the increased knowledge I feel confident to be more assertive in what will benefit me to invest in long term. The level of effort is not that much it is really just monitoring my funds online and ensuring I keep my files up to day to submit to Phil come tax time. Phil and his team have been there to answer all my questions and explain in every day terms for my understanding. They have been great.
Setting up a self-managed super fund was a lot easier than I thought. Griffiths Advisory did most of the work and it only took a couple of weeks. I like to have control over our money and what we want to invest in. My previous super fund had hidden costs which I did not realise until I looked into the returns more closely.