Reece Agland, senior policy adviser at the Institute of Public Accountants, compares the performance of self-managed super funds to retail and industry funds:
Let’s look at the facts. For the three most recent years where performance has been measured SMSFs out performed both retail and industry funds. The average operating cost of an SMSF fell from 0.72% of assets in 2007 down to 0.57% in 2009 – less than average costs for either industry or retail funds1. With average assets of over $888,000 in 2009/10 (up from $475,000 in 2003/4) they exceed the average assets per member compared to other types of funds. Their rate of non-compliance at 2% is at around the same for other superannuation funds and the number of funds that fail in any one year is very small.
Read more at Publicaccountant: SMSF – a matter of self-interest
Just to clarify, those with a vested interest of looking after their own money do as good a job as professionals, but often cheaper?
Yes