In Profile: Super Shift Affiliate Financial Planner Thor McDowell
Financial Planner: Thor McDowell
Position: SMSF Adviser
Company: Vivid Advisory
Office location: National Presence
What’s happening in the area you specialise in?
Vivid has noticed a trend of more and more average Australians seeking out specialised financial advice, specifically in relation to SMSFs and the options available to invest into property. With choices such as these, specialised advice is required in terms of replacement risk insurance, estate planning, rollover advice, risk management over gearing levels and other specialised legal issues that only a qualified financial advisor may give. Accountants and mortgage brokers are not qualified or compliant in this space.
How is a self-managed superannuation fund (SMSF) different to a traditional super fund?
A self-managed super fund is a personal super fund that only allows up to four people (usually family members) to become members of the fund. Most traditional super funds have thousands of members – an SMSF is the only structure that allows you to specifically pick the assets that you want to represent your future retirement plans i.e. If cash, you can choose to hold this in any bank account or term deposit; if shares, you pick the type of shares; if property, you select the investment property of your own choice.
Only an SMSF structure allows you to borrow for the purpose of holding direct property within your super fund.
How long does an SMSF take to set up?
Technically speaking, an SMSF literally takes only minutes to setup. However, it takes many weeks to plan for and execute correctly. The SMSF structure is a by-product of carefully planned advice from a licensed financial adviser.
For those of us who are new to Self-Managed Super funds, how are properties purchased by a SMSF?
It all starts by seeing a Vivid Adviser who will talk you through the steps involved.
Vivid Advisory are registered SuperShift Affiliates. By utilising the SuperShift process, which is both transparent and a “turn-key” solution for financial advisers (and their clients alike), we can more efficiently assist our clients in achieving their goals.
In what could potentially be an otherwise daunting process (requiring the needs of other multiple professionals), Vivid Advisers are able to lead a client through a simple process and guarantee a successful and compliant outcome.
What are the common misconceptions about SMSFs?
Superannuation is actually a tax structure (not an asset class). However, it can house your chosen asset class (or asset classes) as a key tax structure for wealth accumulation. An SMSF may be an exceptionally effective vehicle to accumulate wealth in multiple asset classes (including property) and may allow an effective level of diversification and growth to benefit your long term retirement plans.
What’s next in the world of SMSFs?
Potentially there will be a dramatic increase in residential and commercial holdings in SMSF portfolios. Based upon recent surveys undertaken in the industry, 20-30% of all investment properties are being sold to savvy SMSF investors.
Maybe it’s time you seek strategic advice from a Vivid Adviser to protect your current superannuation and ensure it is properly working for you to maximise the benefits for your retirement future.
About Vivid Advisory:
Vivid Advisory is a fresh new face in the SMSF advice space. Vivid Advisory has been specifically set up to attract advisors who specialise in the SMSF area. The Vivid Advisory team are qualified and authorised SMSF advisors who educate and advise clients on the significant opportunities that SMSFs present.
Vivid Advisory focus on strategies that provide asset protection and tax advantage - this allows for greater control and helps Vivid clients make the right decisions. Ideal investments are complemented with the most effective structures and personalised strategies - enabling our Vivid client investments to work to their very best capabilities.