Speaking at an Association of Superannuation Funds of Australia luncheon earlier this week, Mr Baker discussed the requirement for each SMSF to have an investment strategy, saying “there are essentially no requirements other than you have a strategy and you review it”.
“It’s not so much the horse having bolted from a stable with doors left open, as in the stable having no walls,” Mr Baker said.
“Whatever you can imagine, you’re probably going to find it in an SMSF somewhere. You can make investments to support your business… or you can make investment reflecting your personal interests, such as coins or art.”
Mr Baker also suggested the superannuation industry is not a level playing field, and is tilted in the SMSF sector’s way.
“SMSFs [are] competing for the hearts and minds of [collective funds’] members with promises of control, flexibility and making a difference to lives right now. It’s jam today, not just jam tomorrow,” he said.