In my experience as Principal Financial Adviser at Gary Weigh & Associates, SMSFs are appropriate for some people, and many others find themselves in an SMSF for the wrong reasons, but regardless, what started out as an exciting journey of self-destiny, can become a large weight on trustee shoulders over time. The reasons are simple! […]
In my experience, SMSFs are appropriate for some people, but they do not suit the vast majority of superannuation members. As Principal Financial Adviser and Director of Gary Weigh & Associates Pty Ltd www.garyweigh.com, I receive many client enquires asking me whether taking on SMSF management personally is something they should consider. I cite three […]
A lot of clients ask me about Self-Managed Super Funds (SMSFs) and whether taking on SMSF management personally is something they should consider. They have usually heard that it’s a lot of work (because it is DIY super right?), and wonder if the work and worry are worth the benefits. My answer is this! SMSFs […]
If you have retail super, industry super, corporate super or you are in a large public fund, then read on because this applies to you. There are benefits in arranging your life insurance through super, and they are mostly related to lower cost and budget affordability: The cost of the cover is often cheaper because […]
In the confusion of new rules for aged care home residents, one of the best kept secrets is that there are ways that new means tested residents can increase the amount of age pension received, and decrease the amounts paid for aged care and accommodation in aged care facilities. New means testing rules which started […]
It’s sad when I see a Self-Managed Super Fund (SMSF) set up because someone else other than the customer thought it was a good idea, and the advice given causes problems for the trustee-members involved. Inevitable, the people I see with SMSF problems are those either at or near retirement; and they are usually worried. […]
Retirement can be an emotional as well as a financial challenge. This I know from personal experience. Before I actually had to face retirement myself, I used to think of my retirement and other people’s retirement in financial terms only. That is, basically if I could guide them to accumulate enough money before retirement and […]
The majority of SMSF in Australia are estate planning disasters waiting to happen. Why? Because the majority of people have avoided the expense of using a corporate SMSF trustee, and have chosen the cheaper option of setting up their SMSF with ‘individual trustees’. As you are probably aware, a SMSF can have up to four […]
Most clients I see for a SMSF review have not done much about Estate Planning. Estate planning means making a plan for the distribution of everything you own and control when you die. While most people I meet have been meaning to get around to it, they haven’t taken action. I understand why because it is […]
Finally independent research is here to explode the consumer myth that direct insurance purchased online or over the phone is cheaper than adviser-recommended insurance. That is not the case. In fact, direct insurance is significantly more expensive. Read the Canstar article courtesy of The Sydney Morning Herald at http://www.smh.com.au/money/planning/online-insurance-doesnt-come-cheap-20140829-103y95.html You probably wonder why this is […]