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Give your SMSF a ‘health check’ and grow your Super!

The development of the Wakefield Partners Review Service came in response to requests from SMSF trustees and their auditors to provide an annual ‘health check’ of their super funds.  Our experience is that many trustees like the DIY nature of an SMSF but recognise the need for timely relevant advice.  

We believe that all trustees should have access to a reliable review service undertaken by a specialised adviser.  An annual ‘health check’ of an SMSF can ensure that trustees are taking advantage of the range of benefits available to them while guaranteeing that they comply with all applicable legislation.  

There is a great deal of concern in the SMSF industry that many trustees are largely unaware of their responsibilities and duties and expect that their accountants and auditors are actively managing their fund. In reality this is neither an accountants nor an auditors responsibility and in most cases they do not have the licencing required to do so.  There is also alarm for the amount of different sources trustees are pulling advice from including, from their bank, sharebroker, insurance adviser, and from the media.  

Our review service consists of facts, potential benefits and potential downfalls.  This document will not provide any recommendations.  If the Trustee would like recommendations tailored to their specific circumstances we would be happy to prepare a Statement of Advice for the SMSF at an additional cost.

What’s involved?  
Our SMSF Review Service is a three step process to help Trustees remain “on track”. It is a flexible process that can be tailored to each client’s needs. Our review service involves:  

  • Completion of Fact Finding Information documents:
    • Trustees will need to complete our information gathering documentation and provide details of all SMSF assets and liabilities and a copy of the Funds’ Trust Deed.   This allows us to provide a quote for the SMSF Review.
  • Engagement Letter:
    • We will send the Trustees out an Engagement Letter stating the service we are providing as well as our quote for such service.  Included within this correspondence will be an Authority to Proceed section of which the Trustees will need to sign and return.
  • Review Service Documentation:
    • Trustees will be provided with a written report outlining:
      • The SMSFs basic details and any compliance issues that may be apparent
      • The SMSFs risk profile and target asset allocation compared with the funds existing asset allocation
      • A review of current investments in relation to the funds risk profile and target asset allocation
      • A review of members death benefit nominations
      • A review of the appropriateness of the members accounts in relation to tax effectiveness and accumulation versus pension mode
      • A review of contributions and pension payments with regards to legislation
    • Preparation of a formal investment strategy for a twelve month period:
      • By law Trustees are required to prepare an investment strategy taking into account existing and potential investments, insurance, members benefits, fund objectives and other relevant aspects of the SMSF
    • Chairing a Trustees meeting to discuss the report and to sign off on the Investment Strategy as required by law
  • Trustees are then able to implement any changes they feel necessary.

This service is provided on a fee for service basis (hourly rate).  We will generally be able to quote a fee on receipt of the data form the trustees with the first review likely to take longer than subsequent reviews.  The trustees are then able to implement any recommendations themselves or where requested, we may be able to assist.