SMSF clients are happier and healthier than those with other forms of superannuation, a major annual survey has revealed.
The 2013 RaboDirect national savings and debt barometer surveyed over 2,000 adults in order to gauge Aussie attitudes to financial services.
The survey showed that respondents believed they were happier and healthier, and the larger proportion of those who were financially sound owned SMSFs.
A third of respondents with an SMSF expected to have $1 million or more in superannuation by the time they retired, as opposed to only 10% of those with another form of superannuation, it revealed.
A whopping 29% of those with a standard super fund were unsure of how much they expected to have to retire with.
Greg McAweeney, the group executive manager of RaboDirect, said that being control of their financial future was a big driver for respondents with an SMSF.
“While a self-managed super fund isn’t for everyone – you need a certain level of knowledge, money, time and interest to do it well – there is clearly a keen interest and appetite among Australians for this hands-on control of super and ultimately their retirement,” he said.
McAweeney also highlighted the rapid growth of SMSFs in the Australian retirement savings pool sector, and said that the health and wellbeing benefits suggested in the survey could be a driving factor.
These results could also spell good news for financial advisers with an interest in SMSF.
The 2014 fourth annual Russell Investments report Intimate with Self-Managed Superannuation
, done in conjunction with the SMSF Professionals’ Association of Australia (SPAA), revealed that in regards to an SMSF trustee, the highest increase in future demand is expected to come from “coach seekers”.
Coach seekers are those who would like to control their own SMSF, but the help of an adviser, information, education, and support to do so.
This report also showed that professional referrals have now overtaken client referrals as the most important channel for advisers to gain new SMSF clients.