Biannual research from RGi Group has found understanding the legal requirements and regulations for setting up an SMSF were the biggest hurdle when starting out.
The “Australian SMSF Program” revealed that 21 per cent of those surveyed identified understanding the legal requirements for SMSF establishment as their number one challenge, while a further 20 per cent nominated understanding the regulations affecting SMSFs as their greatest difficulty.
Getting a handle on the tax implications and knowing how and where to invest and how to allocate funds were the next greatest challenges for respondents, tied at 17 per cent.
Only 11 per cent of surveyed trustees believed finding professional advisers with specialised knowledge of SMSFs was an issue when establishing their fund.
When it came to ongoing advice, SMSF holders who used an accountant were more likely to be satisfied, compared to financial advisers and SMSF specialists.
Sixty nine per cent of SMSFs using an accountant were extremely satisfied overall, followed closely by 66 per cent using a financial adviser.
Only 54 per cent of SMSFs using an SMSF specialist were extremely satisfied, with these SMSFs recording the highest neutral position of 45 per cent when dealing with an SMSF specialist.
The RFi survey also revealed SMSF holders driving their own investment decisions were more likely to be satisfied with their SMSF.
The report said the majority of SMSFs were set up through the initial source of advice, with accountants and advisers being the top sources of the initial advice and information.
The survey was based on a sample of 1057 Australians with their own SMSFs.
