The Vanguard Investment Trends 2026 SMSF Investor Report found online research is now the primary gateway into the SMSF sector with nearly three‑quarters of newly established SMSFs conducting their own research online to determine whether an SMSF was suitable for them.
The report is based on research with more than 3,000 SMSF trustees, making it the most comprehensive edition of the study in the last 10 years.
Rachel White, head of financial adviser services, Vanguard Australia said trustees are coming into SMSFs more informed, often after extensive self‑education.
“That makes the quality of information and education available at the start of the journey more important than ever,” White said.
“AI tools can be a helpful starting point for investors, but unlike professional advisers, they aren’t required to act in best interests or disclose conflicts, so people should treat their guidance with care.”
Traditional professionals such as accountants and advisers remain important, but they are no longer the sole influence on establishment.
The report found that almost three in 10 new SMSFs were set up via an online broker or online investment platform, reflecting a broader shift toward digital‑first financial decision making.
The latest figures from Vanguard show that Australia’s SMSF sector is experiencing its strongest period of growth on record, driven by digital platforms, online research and the growing use of artificial intelligence.
However, it also shows that while SMSFs are now easier than ever to establish, the complexity of running and governing a fund remains a significant challenge for trustees.
In the 12 months to December 2025, the report found that 48,500 new SMSFs were established with the total SMSF population now standing at approximately 664,000 funds.
Additionally, it revealed that new trustees are younger, with the average decision‑making trustee aged 44, and funds are increasingly being established with lower balances than in previous years.
Digital channels are playing a central role in this shift, reshaping how Australians assess, establish and manage their super.
“The SMSF market is clearly entering a new phase,” White said.
“Technology has lowered the barriers to entry, giving more Australians confidence to take direct control of their super. But this research shows that accessibility and simplicity are not the same thing.”
Despite the rise of digital engagement, Vanguard’s report suggests that administration remains one of the most consistent pressure points across the SMSF lifecycle. Trustees cite choosing what to invest in, keeping track of regulatory changes, and paperwork and compliance as the hardest aspects of running a fund.
“Newly established SMSFs are particularly challenged by regulatory complexity. Keeping up with changes to superannuation rules and compliance obligations is identified as the single biggest challenge for this cohort,”.White said.
Use of online SMSF administration providers has increased sharply, with almost half of newly established SMSFs now using a digital or specialist admin firm. Lower fees and bundled tax and audit services are the strongest drivers of this shift. However, many trustees still describe the experience as manual and time‑consuming, even when supported by digital tools.
White added that while digital tools help, responsibility ultimately still sits with the trustee, and that carries a real compliance burden.
The report shows a decline in the proportion of SMSFs using traditional financial advisers, falling to 21 per cent, down from 24 per cent in the previous year. However, this does not reflect a reduced need for advice.
Instead, trustees are increasingly self‑directed for day‑to‑day decisions, while still requiring professional support for complex and high‑risk areas. Unmet advice needs are most concentrated in tax strategies, retirement planning, estate planning and intergenerational wealth transfer.
“The role of advice is evolving, not disappearing,” White said.
“Trustees are comfortable managing the basics, but they continue to recognise the value of professional expertise where financial, tax and family outcomes intersect. AI and online research are filling some basic guidance gaps, but they are not replacing higher‑order advice.”
