Mon 27 Aug, 2018

Why Peter Decided to Switch to an SMSF

Being a self-employed creative, I was always interested in making the switch to an SMSF. The idea of being in control of your own super and its investments, really intrigued me – just as the idea of being in control of your own business had enticed me to start my own.

However, it wasn’t until my previous managed super fund appointed a ‘celebrity’ to be its representative, that I began to seriously consider making the switch to an SMSF. Clearly the significant percentage of my super that I was paying in fees wasn’t being put to good use. A celebrity sponsorship and a fund manager who glanced at my super once in a while was no doubt reducing my returns. There had to be a better option for my super and my retirement goals.

Why Peter Decided to Switch to an SMSF | Squirrel Super


Determined to indeed find a better option, I began to look into how I could switch to an SMSF from my industry fund. After conducting some research, I quickly learned that a self-managed super fund was indeed right for me and my investment goals. Not only would I be able to take control over my own money, but I’d also have the freedom to choose exactly what my super would invest in. Not to mention I’d be able to reduce the excessive management fees I was currently paying in my industry fund, regardless of performance or ‘celebrity endorsements’.

The first self-managed super fund company I contacted wanted me to disclose my full financial position, both business and personal. Given that this is something I don’t feel comfortable disclosing to people, even my mum, I kept looking.

When I heard of Squirrel Super, I immediately became intrigued. I took a look at their website and really liked what I saw online. I decided to contact them to learn more about how they could help me switch to an SMSF.

What really blew me away about Squirrel was how helpful and knowledgeable the staff was over the phone. They were always ready to answer all my questions and concerns. And after a follow-up face-to-face meeting with the Squirrel team, I knew that they were the ones who would be able to assist with the setup and management of my SMSF.

Squirrel Super’s no-fuss attitude and fixed, flat-rate fees suited my objectives, so I decided to switch to an SMSF with Squirrel. The Squirrel team helped with set up and establishment of my fund, transfer the balance from my old super funds into my SMSF, and even with closing down my old super fund. Now, I’m just about to transfer ownership of the strata office suite I work out of from my personal name to my newly formed SMSF.

Ever since I decided to switch to an SMSF with Squirrel, I feel more in control of my hard-earned ‘super dollars’. I now have confidence that my financial future is in my own hands, not with some unknown, overpaid funds manager.

– Peter, 52, NSW