1
00:00:05,920 --> 00:00:08,360
Speaker 1: Welcome to Fear and Greed Q and A. I'm Adam Lang.

2
00:00:08,440 --> 00:00:11,520
Speaker 2: Today's episode is part of a commercial partnership with class

3
00:00:11,560 --> 00:00:15,160
Speaker 2: Ignite twenty twenty five, who are proud sponsors of this podcast.

4
00:00:15,640 --> 00:00:18,360
Speaker 2: We're here at the conference in Sydney where class has

5
00:00:18,520 --> 00:00:21,799
Speaker 2: just released its annual Benchmark Report, one of the key

6
00:00:21,840 --> 00:00:25,640
Speaker 2: resources for understanding self managed super funds. Please note this

7
00:00:25,680 --> 00:00:28,600
Speaker 2: is general information only and you should see professional advice

8
00:00:29,000 --> 00:00:33,240
Speaker 2: before making any investment decisions. My guests are Tim Steele,

9
00:00:33,440 --> 00:00:37,640
Speaker 2: Chief Executive of class and Meg Hefron, Managing director of Hefron.

10
00:00:38,159 --> 00:00:39,919
Speaker 2: Tim Meg, Welcome.

11
00:00:39,920 --> 00:00:41,800
Speaker 3: Thank you, Adam, delighted to be Thank you.

12
00:00:42,080 --> 00:00:42,320
Speaker 1: Tim.

13
00:00:42,400 --> 00:00:45,600
Speaker 2: I'll ask you this question first. The self managed super

14
00:00:45,640 --> 00:00:49,640
Speaker 2: sector has certainly captured the hearts and minds of many Australians.

15
00:00:49,960 --> 00:00:51,360
Speaker 2: How is the sector traveling?

16
00:00:52,360 --> 00:00:54,520
Speaker 4: Yeah, we're delighted has captured the hearts and minds of

17
00:00:54,520 --> 00:00:57,680
Speaker 4: many Australians and certainly the growth in establishments is probably

18
00:00:57,720 --> 00:01:00,560
Speaker 4: evidence of that, Adam. So we saw by on ATO

19
00:01:00,680 --> 00:01:04,520
Speaker 4: data forty two thousand, almost forty two thousand Australians choose

20
00:01:04,560 --> 00:01:08,160
Speaker 4: to establish an SMSF in FI twenty five. That's a

21
00:01:08,280 --> 00:01:11,520
Speaker 4: twenty seven percent increase on the year prior from thirty

22
00:01:11,560 --> 00:01:14,440
Speaker 4: three thousand, so a pretty staggering growth. So if that's

23
00:01:14,560 --> 00:01:16,920
Speaker 4: the measure of how's it traveling, I would say, really well,

24
00:01:16,920 --> 00:01:17,560
Speaker 4: it's really well.

25
00:01:17,640 --> 00:01:19,960
Speaker 2: Yeah, And Meg, can I ask you the same question,

26
00:01:20,000 --> 00:01:21,240
Speaker 2: how do you think the sector is going?

27
00:01:21,680 --> 00:01:25,959
Speaker 5: Probably similar comments there. That growth number is quite amazing. Really,

28
00:01:26,080 --> 00:01:29,000
Speaker 5: you wonder what was special about twenty twenty five to

29
00:01:29,040 --> 00:01:31,200
Speaker 5: see such a big increase, because we've been hovering it

30
00:01:31,280 --> 00:01:35,240
Speaker 5: around thirty thousand for a couple of years before then.

31
00:01:35,360 --> 00:01:40,240
Speaker 5: So I would say it's a we're obviously at a

32
00:01:39,840 --> 00:01:43,280
Speaker 5: at a point in time when lots of people are

33
00:01:43,280 --> 00:01:46,560
Speaker 5: discovering smsfs and coming in droves.

34
00:01:47,440 --> 00:01:49,160
Speaker 4: One additional data point, and if you don't mind me

35
00:01:49,240 --> 00:01:51,840
Speaker 4: jumping back in, we on the class look at the

36
00:01:51,880 --> 00:01:54,720
Speaker 4: actual demographics of those who were establishing, as the ATO

37
00:01:54,840 --> 00:01:57,920
Speaker 4: does as well, and we saw an increase from eighty

38
00:01:57,920 --> 00:02:01,440
Speaker 4: percent eighty six percent for genet and millennials combined, so

39
00:02:01,720 --> 00:02:04,520
Speaker 4: predominantly driven by the millennial set growth and millennial sector.

40
00:02:04,560 --> 00:02:07,240
Speaker 4: So those sort of thirty to forty four who chose

41
00:02:07,320 --> 00:02:10,480
Speaker 4: to establish in FY twenty five. So again there's a

42
00:02:10,560 --> 00:02:13,440
Speaker 4: hypothesis you could draw that either they're superbalances of a

43
00:02:13,440 --> 00:02:16,760
Speaker 4: certain stage, or technology has meant that it's cheaper than

44
00:02:16,760 --> 00:02:19,120
Speaker 4: it might might have been to establish, and then a

45
00:02:19,120 --> 00:02:20,280
Speaker 4: minister of fund and.

46
00:02:20,240 --> 00:02:22,480
Speaker 3: So they're getting into smsfs a little bit earlier.

47
00:02:22,560 --> 00:02:24,960
Speaker 5: And you know it's probably both. It's like both of

48
00:02:24,960 --> 00:02:27,440
Speaker 5: those things happening at the same time. Just accelerate the growth,

49
00:02:27,440 --> 00:02:31,079
Speaker 5: don't you think, Because there's certainly plenty of options out

50
00:02:31,080 --> 00:02:34,399
Speaker 5: there these days to get into an SMSF with much

51
00:02:34,440 --> 00:02:36,880
Speaker 5: less money, because it's still cost effective to do that.

52
00:02:38,400 --> 00:02:42,400
Speaker 5: And with every sort of decade that goes by, the

53
00:02:42,440 --> 00:02:45,799
Speaker 5: next generation of forty somethings have loads more in super

54
00:02:45,840 --> 00:02:50,240
Speaker 5: than I did when I was forty, because I yeah,

55
00:02:50,280 --> 00:02:55,160
Speaker 5: and I predate compulsory super. And even when compulsory superstarted,

56
00:02:55,200 --> 00:02:57,880
Speaker 5: it was only four or five percent in those early years.

57
00:02:58,440 --> 00:03:00,840
Speaker 5: I know you're too young to remember. This team not true.

58
00:03:00,960 --> 00:03:01,840
Speaker 5: This is how it was.

59
00:03:01,960 --> 00:03:03,840
Speaker 3: Plus we're paying young people a lot of money.

60
00:03:04,320 --> 00:03:07,520
Speaker 1: Those numbers are younger than I expected. That is really

61
00:03:07,600 --> 00:03:08,400
Speaker 1: encouraging to hear.

62
00:03:09,120 --> 00:03:10,920
Speaker 4: We think so, I mean, we think it means that

63
00:03:10,960 --> 00:03:12,880
Speaker 4: there's a certain set and look, I want to be

64
00:03:12,919 --> 00:03:15,320
Speaker 4: clear self, manisty hunt are not for everyone. But we

65
00:03:15,400 --> 00:03:17,400
Speaker 4: do think that they're becoming a lot more mainstream and

66
00:03:17,400 --> 00:03:19,760
Speaker 4: there's a lot more commentary in the market around semss evs.

67
00:03:20,120 --> 00:03:23,720
Speaker 4: We think they might be disenfranchised with perhaps more institutional solutions,

68
00:03:23,720 --> 00:03:25,280
Speaker 4: and so they can get to a point where they say,

69
00:03:25,720 --> 00:03:28,440
Speaker 4: actually I want to take control of my super I

70
00:03:28,480 --> 00:03:31,040
Speaker 4: can do so at a way that's far more cost

71
00:03:31,040 --> 00:03:34,320
Speaker 4: effective that it once might have been. And so this

72
00:03:34,400 --> 00:03:36,120
Speaker 4: is something we wanted to go ahead and do. So

73
00:03:36,360 --> 00:03:40,320
Speaker 4: they're starting them, obviously in total numbers, at much higher rate,

74
00:03:40,440 --> 00:03:42,200
Speaker 4: and they seem to be starting them earlier.

75
00:03:42,520 --> 00:03:44,680
Speaker 2: Tim, can I stay with you for a moment on

76
00:03:44,720 --> 00:03:47,640
Speaker 2: the annual benchmark report. Can you take us through some

77
00:03:47,680 --> 00:03:48,600
Speaker 2: of the top findings.

78
00:03:49,600 --> 00:03:51,880
Speaker 4: Yeah, we've certainly been looking. We look at a number

79
00:03:51,880 --> 00:03:55,160
Speaker 4: of data points. DIV two nine six is probably the

80
00:03:55,160 --> 00:03:59,560
Speaker 4: most controversial legislative issue and we have a very fortunate

81
00:03:59,560 --> 00:04:02,160
Speaker 4: that we've got. You know, about thirty five percent of

82
00:04:02,200 --> 00:04:05,360
Speaker 4: the total SMSF assets in Australia are administered on class

83
00:04:05,360 --> 00:04:08,200
Speaker 4: so we have a statistically significant sample size and we

84
00:04:08,240 --> 00:04:11,080
Speaker 4: felt that this was a really interesting topic given what

85
00:04:11,200 --> 00:04:13,560
Speaker 4: the debate that's currently taking place, for us to have

86
00:04:13,600 --> 00:04:15,600
Speaker 4: a look at it. It's the second year, we've looked at it,

87
00:04:15,960 --> 00:04:18,719
Speaker 4: and so really the interesting insight for us was both

88
00:04:18,760 --> 00:04:21,080
Speaker 4: the increase in the number of members who would have

89
00:04:21,120 --> 00:04:23,960
Speaker 4: been affected by divd two nine six had it been legislated,

90
00:04:24,200 --> 00:04:27,840
Speaker 4: and that increased to about eighteen thousand, two hundred members,

91
00:04:28,440 --> 00:04:30,760
Speaker 4: and on average the amount of tax the tax burden

92
00:04:30,760 --> 00:04:32,960
Speaker 4: that they would have to carry had also increased, that

93
00:04:32,960 --> 00:04:35,400
Speaker 4: was about fifty two thousand. And I'm throwing a lot

94
00:04:35,400 --> 00:04:36,800
Speaker 4: of numbers at it, and I think it might tell

95
00:04:36,839 --> 00:04:39,240
Speaker 4: it'll paint a picture that's really interesting. I think the

96
00:04:39,360 --> 00:04:42,080
Speaker 4: total impact of that cohort is about nine hundred and

97
00:04:42,120 --> 00:04:44,800
Speaker 4: forty one million in tax contribution under Div.

98
00:04:44,839 --> 00:04:46,360
Speaker 3: Two nine six, And.

99
00:04:46,279 --> 00:04:48,800
Speaker 4: So given that we've got thirty five percent of the

100
00:04:48,839 --> 00:04:51,760
Speaker 4: market in terms of assets, that would mean, assuming all

101
00:04:51,800 --> 00:04:54,760
Speaker 4: other things hold equal, that Div. Two nine six just

102
00:04:54,839 --> 00:04:58,240
Speaker 4: from SMSFS ignoring appra regulated funds for a moment, just

103
00:04:58,400 --> 00:05:01,839
Speaker 4: fsmsfs would generate about two point seven billion dollars in

104
00:05:01,920 --> 00:05:04,440
Speaker 4: tax revenue. And that was for the FI twenty four

105
00:05:04,520 --> 00:05:08,080
Speaker 4: year let alone. What market movement might have also done

106
00:05:08,400 --> 00:05:10,800
Speaker 4: both of the taxable amount and also the number of

107
00:05:10,839 --> 00:05:13,440
Speaker 4: members affected over that period. So I think Div two

108
00:05:13,520 --> 00:05:16,400
Speaker 4: nine six was a really interesting insight and data point

109
00:05:16,440 --> 00:05:18,920
Speaker 4: for us in terms of looking at that potential impact

110
00:05:18,920 --> 00:05:19,360
Speaker 4: to members.

111
00:05:19,400 --> 00:05:21,040
Speaker 5: I think you're telling the government it's a really good

112
00:05:21,040 --> 00:05:23,520
Speaker 5: money spinner, so I think you should not be so

113
00:05:23,680 --> 00:05:26,920
Speaker 5: positive about it. But yeah, it's certainly going to take

114
00:05:27,720 --> 00:05:29,760
Speaker 5: it raise a lot of revenue if it comes in

115
00:05:29,760 --> 00:05:30,520
Speaker 5: in its current form.

116
00:05:30,560 --> 00:05:32,919
Speaker 4: I'm hoping that maybe this is optimistic of me that

117
00:05:32,960 --> 00:05:36,200
Speaker 4: if they can see that actually in their forward estimates

118
00:05:36,200 --> 00:05:38,359
Speaker 4: they've assumed something like two point three billion was the

119
00:05:38,400 --> 00:05:41,400
Speaker 4: total aggregate impact that they thought this tax would have

120
00:05:41,480 --> 00:05:45,599
Speaker 4: across both the entire sector, then maybe they'll be willing

121
00:05:45,640 --> 00:05:48,440
Speaker 4: to make some adjustments to things like indexing the three million.

122
00:05:49,600 --> 00:05:53,320
Speaker 4: Taxing unrealized gains, which is one more controversial elements of

123
00:05:53,360 --> 00:05:55,440
Speaker 4: the proposed regulation, is going to be a bit harder

124
00:05:55,480 --> 00:05:59,040
Speaker 4: to unwinde. But this I think certainly indexing or indexation

125
00:05:59,120 --> 00:06:02,400
Speaker 4: of the cap might be now financially at least tolerable

126
00:06:02,400 --> 00:06:04,360
Speaker 4: if they feel like they're still going to capture an

127
00:06:04,400 --> 00:06:07,000
Speaker 4: amount that is currently in their forward estimates.

128
00:06:07,520 --> 00:06:10,200
Speaker 2: MEG two nine six included if you like, but what

129
00:06:10,240 --> 00:06:12,240
Speaker 2: are you seeing as the out comes from this annual

130
00:06:12,240 --> 00:06:13,120
Speaker 2: benchmark report?

131
00:06:14,200 --> 00:06:18,159
Speaker 5: So I think actually one stat in the annual Benchmark

132
00:06:18,200 --> 00:06:21,600
Speaker 5: Report that I did find interesting. It might seem a

133
00:06:21,600 --> 00:06:25,960
Speaker 5: little bit niche, but we definitely went through a period

134
00:06:25,960 --> 00:06:29,160
Speaker 5: where there was a lot of talk around people are

135
00:06:29,200 --> 00:06:31,479
Speaker 5: setting up as mis sfs for all the wrong reasons.

136
00:06:31,560 --> 00:06:33,360
Speaker 5: They're going to get out of them again. You know,

137
00:06:34,279 --> 00:06:35,839
Speaker 5: they're going to be around for two years and then

138
00:06:35,839 --> 00:06:38,240
Speaker 5: they'll wind them up. And the interesting stat that I

139
00:06:38,240 --> 00:06:40,680
Speaker 5: thought came out in your benchmark report was that just

140
00:06:41,000 --> 00:06:44,159
Speaker 5: isn't backed up by the evidence so far. So you know,

141
00:06:44,200 --> 00:06:48,159
Speaker 5: a tiny number like seven percent or something were wound

142
00:06:48,240 --> 00:06:50,520
Speaker 5: up within the first five years. So that's if you

143
00:06:50,680 --> 00:06:55,240
Speaker 5: like the buyer's remorse cohort, isn't it quite quite possibly

144
00:06:55,279 --> 00:06:57,320
Speaker 5: they set it up and then regretted it and then

145
00:06:57,720 --> 00:07:00,640
Speaker 5: unwound it within the first five years. But the vast

146
00:07:00,640 --> 00:07:04,920
Speaker 5: majority you've been around for years, and that is fascinating

147
00:07:04,960 --> 00:07:05,120
Speaker 5: to me.

148
00:07:05,360 --> 00:07:08,120
Speaker 4: We saw more than three quarters were ten years plus

149
00:07:08,839 --> 00:07:10,160
Speaker 4: more than three quarters.

150
00:07:09,880 --> 00:07:12,880
Speaker 5: Yes, and when you consider that about one hundred thousand

151
00:07:13,000 --> 00:07:17,480
Speaker 5: were established in the last three years, that for that average,

152
00:07:17,840 --> 00:07:19,720
Speaker 5: for that you know, three quarters to be more than

153
00:07:19,960 --> 00:07:24,240
Speaker 5: ten years old. That's quite a big, quite a big statement,

154
00:07:24,320 --> 00:07:24,560
Speaker 5: isn't it?

155
00:07:24,560 --> 00:07:26,880
Speaker 3: As an actual you think that was statistically significant.

156
00:07:26,920 --> 00:07:31,080
Speaker 5: I believe you are statistically significant here, Tim, So.

157
00:07:31,160 --> 00:07:35,240
Speaker 2: Tim coming to you key issues the trustees.

158
00:07:34,920 --> 00:07:36,000
Speaker 1: Should be paying attention to.

159
00:07:36,120 --> 00:07:38,760
Speaker 2: For example, new tax laws you touched on that, Younger

160
00:07:38,800 --> 00:07:41,640
Speaker 2: people setting up funds you touched on that, and more

161
00:07:41,680 --> 00:07:44,200
Speaker 2: active strategies as people move into retirement.

162
00:07:44,240 --> 00:07:44,920
Speaker 1: What are you seeing.

163
00:07:45,400 --> 00:07:47,240
Speaker 4: I think Meg will be better qualified than I had

164
00:07:47,280 --> 00:07:48,920
Speaker 4: to comment on some of that. But I think certainly

165
00:07:49,200 --> 00:07:50,960
Speaker 4: our of you when we think about SMSFS is we

166
00:07:51,000 --> 00:07:53,080
Speaker 4: want to ensure that the right people are setting up

167
00:07:53,120 --> 00:07:55,960
Speaker 4: for the right reasons, and that they understand their obligations

168
00:07:55,960 --> 00:07:59,240
Speaker 4: and they have a clear investment strategy. Ideally they're seeking

169
00:07:59,280 --> 00:08:02,000
Speaker 4: financial advice, that would be our preference. We know that

170
00:08:02,000 --> 00:08:05,680
Speaker 4: that's not necessarily what we're seeing in terms of our data,

171
00:08:06,080 --> 00:08:08,240
Speaker 4: although they may at some point in time, as their

172
00:08:08,280 --> 00:08:11,360
Speaker 4: needs become more complex, choose to seek financial advice. But

173
00:08:11,440 --> 00:08:13,000
Speaker 4: we want to know they've got a well thought through,

174
00:08:13,040 --> 00:08:16,520
Speaker 4: well structured, diversified investment strategy that's going to help set

175
00:08:16,560 --> 00:08:19,640
Speaker 4: their long term retirement goals up leveraging a self managed

176
00:08:19,640 --> 00:08:20,560
Speaker 4: super fund.

177
00:08:21,000 --> 00:08:22,600
Speaker 1: And Meg, from your point of view.

178
00:08:22,920 --> 00:08:26,160
Speaker 5: I think the other interesting thing you had in the

179
00:08:26,200 --> 00:08:30,640
Speaker 5: benchmark report that relates to people seeing themselves up for retirement.

180
00:08:30,720 --> 00:08:38,280
Speaker 5: In particular was the high incidence of SMASEF people having pensions,

181
00:08:39,480 --> 00:08:43,640
Speaker 5: whereas in APRO funds, you know, half the population once

182
00:08:43,640 --> 00:08:46,760
Speaker 5: people get to sixty five, only half the population had

183
00:08:46,760 --> 00:08:49,080
Speaker 5: a pension, whereas in an esthma SEF it was an

184
00:08:49,240 --> 00:08:53,120
Speaker 5: enormous proportion. That says to me, you're getting a cohort

185
00:08:53,160 --> 00:08:57,319
Speaker 5: of people, you know, going into this and using one

186
00:08:57,360 --> 00:09:01,080
Speaker 5: of the most valuable strategies any super has, which is

187
00:09:01,640 --> 00:09:03,040
Speaker 5: starting a pension at some point.

188
00:09:03,360 --> 00:09:05,840
Speaker 4: The point that Mega's rays related to a data we

189
00:09:05,880 --> 00:09:08,120
Speaker 4: looked at, which was over sixty five ninety three percent

190
00:09:08,160 --> 00:09:11,360
Speaker 4: of members on class had established a pension or started

191
00:09:11,400 --> 00:09:14,000
Speaker 4: a pension, and in contrast, that number for OPERA funds

192
00:09:14,040 --> 00:09:16,679
Speaker 4: based on their data was forty nine percent, which was

193
00:09:16,760 --> 00:09:20,120
Speaker 4: quite a staggering difference itself, and it held consistent with

194
00:09:20,200 --> 00:09:22,200
Speaker 4: last year. So despite all of the noise and the

195
00:09:22,240 --> 00:09:25,800
Speaker 4: retirement Income Covenant and Opera seeking to sort of encourage

196
00:09:26,120 --> 00:09:29,080
Speaker 4: super funds to lean into this particular issue, it hasn't

197
00:09:29,120 --> 00:09:32,240
Speaker 4: moved the needle yet, and it just signifies again that

198
00:09:32,440 --> 00:09:37,439
Speaker 4: SMSF members are inherently more engaged in making conscious choices

199
00:09:37,720 --> 00:09:40,240
Speaker 4: about their long term retirement savings and their superannuation.

200
00:09:40,600 --> 00:09:43,440
Speaker 2: It's obviously very meaningful to them. So Tim, I'll stick

201
00:09:43,440 --> 00:09:45,880
Speaker 2: with you for a bit longer. How is CLASS using

202
00:09:45,920 --> 00:09:49,320
Speaker 2: this data and technology to help advisors and trustees deal

203
00:09:49,360 --> 00:09:50,680
Speaker 2: with the changes as they come.

204
00:09:51,679 --> 00:09:54,640
Speaker 4: Yeah, well, certainly for us, it's influencing. We look at

205
00:09:54,640 --> 00:09:56,600
Speaker 4: the data, we look at the legislative issues and the

206
00:09:56,679 --> 00:09:59,600
Speaker 4: landscape were broadly and it helps us influence how we

207
00:09:59,679 --> 00:10:04,040
Speaker 4: deploy our investment dollars into innovation and enhancements on our platform.

208
00:10:04,040 --> 00:10:06,800
Speaker 4: And so a big area for example, we know focus

209
00:10:06,840 --> 00:10:09,080
Speaker 4: from either DVT on six if it comes in, but

210
00:10:09,200 --> 00:10:12,439
Speaker 4: just more generally from the ATO relates the valuation of properties.

211
00:10:12,760 --> 00:10:14,360
Speaker 3: And so as an example, we've.

212
00:10:14,200 --> 00:10:18,120
Speaker 4: Sought to enhance the capacity for our administrators and our

213
00:10:18,120 --> 00:10:20,680
Speaker 4: clients to actually use our system to for more efficiently

214
00:10:20,760 --> 00:10:24,320
Speaker 4: get valuations both for residential and we've just launched some

215
00:10:24,320 --> 00:10:28,240
Speaker 4: commercial capability actually to coincide with the Classic Night conference.

216
00:10:28,280 --> 00:10:30,560
Speaker 4: And so that's an area where we're using that data

217
00:10:30,600 --> 00:10:32,560
Speaker 4: in a legislative frame to actually think about where we

218
00:10:32,600 --> 00:10:36,480
Speaker 4: need to prioritize our development. But really the benchmark report

219
00:10:36,559 --> 00:10:40,000
Speaker 4: has its effectively our gift we hope back to the

220
00:10:40,040 --> 00:10:42,880
Speaker 4: industry to help them get access to data they might

221
00:10:42,920 --> 00:10:46,480
Speaker 4: not otherwise have to make better decisions for both their

222
00:10:46,880 --> 00:10:49,880
Speaker 4: businesses and also for the benefit of their clients and

223
00:10:49,920 --> 00:10:51,480
Speaker 4: self manage SIP of fund trustees.

224
00:10:51,559 --> 00:10:55,520
Speaker 5: And I think simply having that data and the extensive

225
00:10:55,559 --> 00:10:58,360
Speaker 5: analysis you do on the data out there in the

226
00:10:58,400 --> 00:11:01,520
Speaker 5: public domain is quite powerful too, because if you think

227
00:11:01,559 --> 00:11:06,840
Speaker 5: about politicians or the tax office, or you know, haveing

228
00:11:06,920 --> 00:11:12,920
Speaker 5: credible and somewhat independent data out there makes it much

229
00:11:12,920 --> 00:11:15,439
Speaker 5: easier to argue the point. You know, I'm sure the

230
00:11:15,520 --> 00:11:19,000
Speaker 5: data you've released on division two nine six tax will

231
00:11:19,520 --> 00:11:24,600
Speaker 5: become a relevant discussion point with politicians around exactly how

232
00:11:24,679 --> 00:11:26,360
Speaker 5: much money they're looking to raise.

233
00:11:27,520 --> 00:11:30,920
Speaker 2: Men coming to you from your client work. What's the

234
00:11:31,000 --> 00:11:33,800
Speaker 2: one piece of practical advice that you would give.

235
00:11:33,679 --> 00:11:37,040
Speaker 1: To trustees right now? Oh gosh, that's a really good,

236
00:11:37,080 --> 00:11:38,000
Speaker 1: boil it down.

237
00:11:38,080 --> 00:11:42,400
Speaker 5: Really good question. I would say, read everything, trust nothing,

238
00:11:46,400 --> 00:11:50,640
Speaker 5: val perhaps read everything and validate everything. I think there

239
00:11:50,720 --> 00:11:54,560
Speaker 5: is so much great material out there about super about

240
00:11:54,760 --> 00:11:58,400
Speaker 5: smsfs that it's it must be one of the things

241
00:11:58,400 --> 00:12:01,120
Speaker 5: that's encouraging so many people to to start an s

242
00:12:01,160 --> 00:12:04,439
Speaker 5: MASEF take control into their own hands. Is the extent

243
00:12:04,480 --> 00:12:06,959
Speaker 5: to which they can self educate and when.

244
00:12:06,800 --> 00:12:10,640
Speaker 2: You're using your expertise this starter with your clients, what's

245
00:12:10,679 --> 00:12:12,600
Speaker 2: the most meaningful conversations you're having.

246
00:12:13,120 --> 00:12:18,400
Speaker 5: Look, if anything, it's probably validating for people. So it

247
00:12:18,480 --> 00:12:21,480
Speaker 5: will be the sort the sorts of things that I

248
00:12:21,480 --> 00:12:25,880
Speaker 5: think clients would be interested in. Is how common pensions are.

249
00:12:26,080 --> 00:12:29,679
Speaker 5: For example, they're not being it's not something strange that's

250
00:12:29,679 --> 00:12:32,160
Speaker 5: being suggested to them. It's really the normal way people

251
00:12:32,160 --> 00:12:35,880
Speaker 5: in sthmesefs do things. Or you know, for somebody who's

252
00:12:35,880 --> 00:12:37,920
Speaker 5: getting into an STHMSEF for the first time, it is

253
00:12:37,920 --> 00:12:39,800
Speaker 5: maybe a bit fearful that this is going to be

254
00:12:39,840 --> 00:12:42,480
Speaker 5: too hard. You can point to an awful lot of

255
00:12:42,520 --> 00:12:45,360
Speaker 5: people who are making the same leap, and you can

256
00:12:45,360 --> 00:12:48,200
Speaker 5: point to an awful lot of people who've got funds

257
00:12:48,200 --> 00:12:50,600
Speaker 5: that have been around for a really long time, who've

258
00:12:50,600 --> 00:12:52,640
Speaker 5: obviously found this a very doable thing.

259
00:12:53,080 --> 00:12:55,600
Speaker 2: They're getting advice, they're starting them, and they're sticking with

260
00:12:55,640 --> 00:12:56,640
Speaker 2: them pretty much.

261
00:12:56,880 --> 00:13:00,679
Speaker 1: Yeah, Tim, what about you? Final tip, oh.

262
00:13:00,760 --> 00:13:03,080
Speaker 3: Jee, I think be informed.

263
00:13:03,360 --> 00:13:05,440
Speaker 4: To Meg's point, I think make an informed decision about

264
00:13:05,440 --> 00:13:07,640
Speaker 4: whether it's right for you. We want to grow the

265
00:13:07,720 --> 00:13:10,240
Speaker 4: SMSF sector, but we want to grow in the right

266
00:13:10,280 --> 00:13:13,520
Speaker 4: way with the right people where it's appropriate for their needs,

267
00:13:13,520 --> 00:13:16,760
Speaker 4: expectations and aspirations. We think there's an increasing percentage of

268
00:13:16,800 --> 00:13:19,000
Speaker 4: the population where an SMSF could make a lot of

269
00:13:19,040 --> 00:13:21,240
Speaker 4: sense for them, but they've got to understand what that

270
00:13:21,320 --> 00:13:24,080
Speaker 4: means and we want them to join knowing that there's

271
00:13:24,120 --> 00:13:27,320
Speaker 4: obligations that come with having an SMSF along with all

272
00:13:27,320 --> 00:13:29,640
Speaker 4: the wonderful things around control and being able to influence

273
00:13:29,679 --> 00:13:32,800
Speaker 4: and make their own choices, which we think is incredibly

274
00:13:32,800 --> 00:13:34,880
Speaker 4: powerful and very impactful for the right people.

275
00:13:35,480 --> 00:13:37,439
Speaker 2: Tim, thank you very much for joining us on Fear

276
00:13:37,480 --> 00:13:40,160
Speaker 2: and Greed. Thank you thanks for having us and Meg,

277
00:13:40,360 --> 00:13:42,400
Speaker 2: thank you very much for joining us on Fear and Greed.

278
00:13:42,760 --> 00:13:43,520
Speaker 5: Thanks for having me.

279
00:13:43,679 --> 00:13:45,679
Speaker 2: Self Managed Super continues to be one of the most

280
00:13:45,720 --> 00:13:49,720
Speaker 2: dynamic parts of the Australian retirement system and these insights

281
00:13:49,720 --> 00:13:53,319
Speaker 2: are important for anyone thinking about their future. Classic Nite

282
00:13:53,320 --> 00:13:55,520
Speaker 2: twenty twenty five is a proud supporter of Fear and

283
00:13:55,520 --> 00:13:58,400
Speaker 2: Greed and we're delighted to partner with them on this series.

284
00:13:58,600 --> 00:14:00,679
Speaker 2: If you've got something you'd like to send you a

285
00:14:00,800 --> 00:14:04,679
Speaker 2: question via LinkedIn, Instagram, Facebook, or head over to Fearangreed

286
00:14:04,679 --> 00:14:05,600
Speaker 2: dot com dot au.

287
00:14:06,000 --> 00:14:08,280
Speaker 1: I'm Adam Lange and this has been Fear and Greet

288
00:14:08,360 --> 00:14:08,719
Speaker 1: Q and a