When your SMSF is no longer suitable

This client story highlights the importance of ensuring client needs are regularly reviewed and advice strategies adjusted accordingly. Client goals, circumstances, and needs can change over time, so it’s important to make sure your financial advice evolves and continues to support those changing needs.

I met a retired couple who had entered their retirement with a Self-Managed Superannuation Fund (SMSF), which was appropriate for their needs and their circumstances at that time. After many enjoyable years of retirement, they came to me seeking to simplify their affairs as they moved into the next phase of their retirement. Having recently sold an investment property holding within their SMSF, they now only held liquid assets within their super fund structure.

We reviewed the clients’ needs and their goal of simplifying their approach to their retirement planning needs. Their circumstances had changed and the review found that the SMSF was no longer necessary – it wasn’t meeting their goals and was also resulting in unnecessary costs for the clients.

We assisted the clients with the closure of their SMSF structure and transferred the balance of their funds to less complex retirement savings products which aligned their goals. The clients were also able to considerably reduce their ongoing fees, as well as reduce the workload that had been required of them in their capacity as trustees of the SMSF.

Most importantly, the clients can now spend more time doing the things they enjoy most in their retirement.

If you have any questions or would like assistance with your superannuation needs, please contact the Propel Financial Advice team.