Self-managed super numbers set to grow in 2015

The number of Australians contributing to self-managed super funds (SMSFs) is set to grow again in 2015, prompting a need for superannuation services to ensure they are operated correctly.

Data trends show an increasing number of Australians electing to self manage their super funds, as opposed to pairing with another organisation. This has coincided with news from Roy Morgan Research that satisfaction with the self-managed variety has continued to hold a clear lead over its rivals.

According to the study, published on March 11, general satisfaction with superannuation sits at 58 per cent. SMSFs on the other hand are tracking well above the average, with an approval rating of 77.3 per cent, up 4.2 per cent in the last six months.

Public sector funds are the closest rivals, gaining 5.2 per cent to achieve a rating of 67.9 per cent, ahead of industry funds with 59 per cent. 

If forecasting is correct, these statistics could prompt around 30,000 people to move into SMSFs within the next year. Last year, 33,340 were established, a few thousand shy of the peak of 41,061 reached in 2011-12. 

Last year's numbers see the total amount of SMSF members cross the 1 million mark, spread across around half a million unique funds. 

Roy Morgan Research directly attributes the growth in membership to high financial satisfaction with the programs.

The team at Wilson Porter can provide the services needed to ensure an SMSF is managed correctly.  This includes the establishment of new funds, making it easy to join the number of satisfied Australians with their own super schemes.

Audit services can also be provided, which are essential for all SMSFs. Combining this with our knowledge of all manners regarding administration and legal compliance results in a stress- free experience to make sure you get the most out of your fund.