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SMSF trustees ‘like punters’ says CareSuper

SMSF trustees ‘like punters’ says CareSuper

Owen Holdaway
25 June 2013

SMSF trustees’ awareness of the performance of their investments is akin to gamblers and their balance sheet, according to CareSuper.

CareSuper’s chief executive officer Julie Lander told SMSF Adviser that trustees are unaware of their investment returns, adding they put capital movement aside and only concentrate on dividends when buying shares.

“From the conversations I have had with people with SMSFs you can see that they are a bit like punters,” Ms Landers said.

“They will tell you about the shares they bought that went up in price, but they don’t tell you about the ones that fell in price [so] when you ask them ‘what did your super fund return last year?’ they actually don’t know.”

While Ms Lander does believe there are “legitimate reasons” for people to leave an industry fund and set up an SMSF, CareSuper argues the control trustees seek over their assets can largely be achieved within an industry fund.

“We do have a direct investment option, which enables people to select their own shares and term deposits and ETFs... It gives people who are after more control, that control and without the hassle having to establish a separate entity,” Ms Landers said.

SMSF trustees ‘like punters’ says CareSuper
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