An Investment Trends survey of 2,775 investors commissioned by the Investment and Financial Services Association (IFSA) revealed 49 per cent of SMSF investors are now over 55, with a 12 per cent increase in the number already retired or semi-retired.
Twenty-seven per cent have personal income ranging $80,000 or more – a drop of 2 per cent.
The number of investors using a financial planner and an accountant in running their fund rose by 5 per cent. More people still use accountants to run their fund (53 per cent), but the numbers are declining, while those using financial planners (27 per cent) continue to rise.
IFSA Deputy CEO John O’Shaughnessy said the findings show that the sector relies heavily on professional services to run their fund, with 78 per cent paying an accountant or a financial planner.
“While the DIY aspect of SMSF’s is appealing, in reality, the majority of people tend to have a ‘do it for me’ fund and pay for advice and associated compliance services,” he said.
More than half of SMSF investors cited ‘control’ as the main reason for establishing a fund. Thirty-nine per cent did so from the suggestion of a financial planner – an increase of 10 per cent.
Self-managed super funds are now the second largest segment of the market behind retail super and grew 26 per cent in the last year.
The IFSA said this is fuelled by an increased establishment rate and strong asset appreciation in property and shares.
