Reuters Compare Old Number With New Number New Number First SMSF Fees – Make Sure You Are Comparing Apples With Apples

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SMSF Fees – Make Sure You Are Comparing Apples With Apples

I was pleased to read an article I found on a Self Managed Super Fund (SMSF) company’s website comparing the fees they charge for administering an SMSF with the management fees charged by large pension funds and of course , concluded that it was cheaper to have an SMSF. The author of the article assumes that the only costs of managing the fund are simply administrative fees. In 2008, I did some research for a friend who was planning to start a fund management company, and I found that management fees are only a small part of the costs of a fund management company. The biggest costs are for investment management research and expertise.

The author of the article should believe that investing does not require skill, and choosing the right stocks to invest in is as simple as hanging a stock page of a newspaper on the wall and throwing a dart to select a stock to buy, or getting advice from a neighbor or a taxi driver. He suggests that there is no need to pay for financial education, research or advice to properly manage an investment portfolio. I wonder how well his clients’ portfolios are doing this year – not very well, I suspect, if they think investing doesn’t require skill.

For anyone considering setting up an SMSF, you should consider the cost of investing. Some costs will include

1) Education – If you plan to invest in stocks, you need to know some basic stock analysis techniques such as fundamental analysis and technical analysis to have a basis for what stocks to buy and when to buy or sell stocks. If you wish to invest using other more complex instruments such as options, futures, warrants or CFDs, you will need to invest in a different education. There are many educational companies out there, and most of the courses I’ve seen cost several thousand dollars each. I have spent quite a bit of money on books, courses and seminars, but I see it as an investment in myself to develop the skills I need to help me manage my investments, no different than paying for a university degree to get the skills I need to help me find a job.

2) Research – There is a lot of information on the internet today for free. You can get free fundamental data and news about publicly traded companies from Google Finance and Reuters, and you can get free stock charts from Bigcharts, but analyzing each stock takes time. There are a number of research companies that can provide their analysis for a fee, and subscribing to research can save you time and give you some investment ideas. Be careful not to confuse “research” with “advice”. There are many financial advisory companies that give recommendations on what to buy but do not provide a basis for their recommendations. I would strongly advise you to come up with your own investment criteria so that when you decide to buy a stock, you know why you are buying it. Before you buy, you should also make a plan for when to sell the stock, and this is only possible if you understand why you bought it. Blind buying on someone’s recommendation is a very dangerous practice.

It is not easy to make a direct comparison between the costs of running an SMSF and the management fees charged by the larger super funds. All I would like to point out is that there is an ‘investment management’ component that must be included in the cost of running an SMSF. When we compare fees, we need to take this into account so that we are truly comparing apples to apples.

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