In the last decade, we have seen more and more companies that offer SMSF setup and admin services to trustees.
It can be a daunting task when finding the right administrator for your SMSF.
When you choose an SMSF service provider, you may need to consider the following:
- how long the company has been established?
- can they package up all the services you need?
- do they outsource work overseas?
- do they have a restrictive list of allowance assets that your SMSF can invest?
- do they have restrictions on bank accounts, broker accounts or exchange?
- do they claim they are cheapest service providers but with hidden fees or costs?
- do they reply your email or answer your phone calls promptly? (some providers even do not have a phone number!)
- do they update their website or blogs regularly?
- do they lock you in the contract?
- are the auditors external and independent?
To enjoy the benefits of running your own SMSF, you need to choose the right administrator!