Over-complicating SMSF service provision

 Self-managed superannuation fund (SMSF) service providers may continue to offer an ever increasing number of services, but there are really only two types of trustees and therefore two types of service profiles, according to David Petterson, General Manager of Premier Superannuation Services.

"There's really only two types of SMSF trustees out there," he said. "The first one just wants to get away from the whole process - have advisors looking after their money, and obviously have businesses like ourselves doing as much as possible."

"For instance, we have a custodial service which gets pretty good uptake where we act as a mailing house, we run bank accounts, we basically do everything for the trustee, and that's pretty popular," Petterson said.

For Petterson, the second trustee profile is essentially someone who wants to take as much control and ownership of their SMSF and its day-to-day operation as possible.

"There's really only those two types out there, and I'd say that the split between them is probably pretty even," he said. "What you'll find is that those people around the ages of 55, 60, 65 - those going into retirement - they really like to be active in the whole process.

"That may even include staying away from an advisor, to some extent," Petterson continued. "They do, however, want to understand that the administration, audit, and lodgement of the tax return is something that needs to be done independently."