SMSF SHARKS CIRCLING

Had an old client call me the other day.  He’d been to a “Seminar” (here we go I thought) where he was going to buy an “investment property” in his Self Managed Superannuation Fund (SMSF).  Alarm bells started going off everywhere.

I asked who ran the seminar – didn’t take more than a couple of phone calls to discover this person’s “history”.  Mm – yet another angle by a desperado low on sales and high on his own debt levels.

As I’ve written in the past, there is no substitute for “educating yourself” about the pitfalls and successes of buying and managing real estate.  If you hand your life, wealth and SMSF over to these clowns you will enter a World of Pain and grief and more than likely lose everything.

For a start, these guys are treading a very fine line as you have to be a licensed financial adviser to talk in any depth about SMSF – these idiots certainly aren’t licensed. Even if some of them sprout that they do hold a financial advisers licence, do some checking – you may well find that the license is being “rented” from one of the dodgier groups out there – oh yes, hiring of licenses does happen.  In fact I’ve been asked if my license is “for rent” for quite a sum offered mind you.  In turn I would’ve had no access to the Trust Account (are you kidding me?) and I would have had to leave 20 signed but blank Trust Account Receipts and Cheques in case I wasn’t available.  mmmm – that took about a nano-seconds to say NO to.

So please, if you have a SMSF or are thinking of starting one up do not try and buy an investment property in it unless you have rock solid advice from an accountant who specialises in SMSFs.

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