Esuperfund SMSF brokers
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Re: Esuperfunds SMSF brokers
Your comment about using Etrade and supplying a data feed to Esuperfund - did you get this is writing, and did they state how long they would honour it for?
I had a deal with them and recently they changed their rules because I would not use their bank account - I'm a Commsec client. Now, their 'bank account' is actually a Management Cash Trust with a 1.1% annual fee. I suspect that many SMSF hold large cash balances for extended periods and that this is the deal breaker as it probably gives esuperfund more income than the brokerage kickbacks.
I have found that they are slow in preparation of accounts, leave many things to the last moment, and now I fear I have lost any trust I had.
I know I will pay a little more with another provider, but I refuse point blank to be told which bank account I have to have and which broker to use. These days with the right authority your administrator can have electronic feeds from all of the big players so it is not an efficiency issue as suggested by esuperfund.
The last point is regarding cash trusts - these trusts invest in various cash like instruments and several in the US have had to be bailed out wit ha few actually allowing the fund to 'break the buck' e.g. $1 on deposit has lost money and is now worth less than $1. I'm just not sure that small investors really understand this -like Opes Prime, all the shouting will happen afterwards when everyone says they thought it was a standard bank account for their Superfund.
PS I don't expect anything for nothing and have been happy the last couple of years paying additional fees every month as I didn't switch to the preferred bank account. Clearly not enough!
hangseng; said:
Your comment about using Etrade and supplying a data feed to Esuperfund - did you get this is writing, and did they state how long they would honour it for?
I had a deal with them and recently they changed their rules because I would not use their bank account - I'm a Commsec client. Now, their 'bank account' is actually a Management Cash Trust with a 1.1% annual fee. I suspect that many SMSF hold large cash balances for extended periods and that this is the deal breaker as it probably gives esuperfund more income than the brokerage kickbacks.
I have found that they are slow in preparation of accounts, leave many things to the last moment, and now I fear I have lost any trust I had.
I know I will pay a little more with another provider, but I refuse point blank to be told which bank account I have to have and which broker to use. These days with the right authority your administrator can have electronic feeds from all of the big players so it is not an efficiency issue as suggested by esuperfund.
The last point is regarding cash trusts - these trusts invest in various cash like instruments and several in the US have had to be bailed out wit ha few actually allowing the fund to 'break the buck' e.g. $1 on deposit has lost money and is now worth less than $1. I'm just not sure that small investors really understand this -like Opes Prime, all the shouting will happen afterwards when everyone says they thought it was a standard bank account for their Superfund.
PS I don't expect anything for nothing and have been happy the last couple of years paying additional fees every month as I didn't switch to the preferred bank account. Clearly not enough!
hangseng
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Re: Esuperfunds SMSF brokers
I use Esuperfund and I have had no problem apart from being a little slow to respond. I use Commsec and works a treat compared to Etrade. They stated I could use whoever I wanted to trade but I will need to provide all records in simple form, much easier to just use Commsec. I don't trade CFD's so that is of no concern.
As for cash I have a small holding in the CMT with Macquarie to cover expenses and a larger holding in high interest bearing deposit in a bank with no fees. I have spoken to Esuperfund about this and all I have to do is provide the statement when required for tax purposes. Obviously they would like me to keep all cash in the CMT to receive a benefit, but it is my money and I am the trustee. They cannot and won't tell me or anyone else where you MUST place your funds. I confirmed all of this to ensure flexibility BEFORE I set this up.
If they ever tried to pressure me I would simply report them to the SMSF area at the ATO and swap to my accountant. I just don't believe they would be so dumb to do so.
It is a cheap way to setup and manage a compliant fund. I paid no setup fees whatsoever, that alone is a great saving. I am also loving watching my super grow without exorbitant monthly fund management fees.
I am tracking my old managed fund compared to mine and I am now leaving them in my wake. If I maintain what I am achieving, I will be on the horizon sailing away into the sunset before they even get away from the boat pen. Managed funds are restrictive, high fee draining sumps.
Esuperfund made this process very simple and seamless. Full points so far.
I use Esuperfund and I have had no problem apart from being a little slow to respond. I use Commsec and works a treat compared to Etrade. They stated I could use whoever I wanted to trade but I will need to provide all records in simple form, much easier to just use Commsec. I don't trade CFD's so that is of no concern.
As for cash I have a small holding in the CMT with Macquarie to cover expenses and a larger holding in high interest bearing deposit in a bank with no fees. I have spoken to Esuperfund about this and all I have to do is provide the statement when required for tax purposes. Obviously they would like me to keep all cash in the CMT to receive a benefit, but it is my money and I am the trustee. They cannot and won't tell me or anyone else where you MUST place your funds. I confirmed all of this to ensure flexibility BEFORE I set this up.
If they ever tried to pressure me I would simply report them to the SMSF area at the ATO and swap to my accountant. I just don't believe they would be so dumb to do so.
It is a cheap way to setup and manage a compliant fund. I paid no setup fees whatsoever, that alone is a great saving. I am also loving watching my super grow without exorbitant monthly fund management fees.
I am tracking my old managed fund compared to mine and I am now leaving them in my wake. If I maintain what I am achieving, I will be on the horizon sailing away into the sunset before they even get away from the boat pen. Managed funds are restrictive, high fee draining sumps.
Esuperfund made this process very simple and seamless. Full points so far.
numbercruncher
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Re: Esuperfunds SMSF brokers
Im with esuperfund and have had no problems.
I am however in the process of setting up an account with commsec to settle trades through as settling through Macquarie is 29.95 as opposed to 19.95 with a commsec account.
Im with esuperfund and have had no problems.
I am however in the process of setting up an account with commsec to settle trades through as settling through Macquarie is 29.95 as opposed to 19.95 with a commsec account.
Re: Esuperfunds SMSF brokers
You've lost me a bit there. The CMT is currently returning 6.57% avg after fees. Yes, it is easy enough (and allowable with esuperfund) to get a better rate but its convenient to just use the CMT if the money is not going to be there too long. Many people use this CMT as direct retail customers.
I tend to the view that esuperfund could not possibly perform their function for $599 without some other offsetting return. If they get a commission from the CMT and a payment for lodging BAS returns - neither of which I would receive otherwise anyway - and that enables them to perform their service for me, that's all to the good.
Cheers .......... Alan
You've lost me a bit there. The CMT is currently returning 6.57% avg after fees. Yes, it is easy enough (and allowable with esuperfund) to get a better rate but its convenient to just use the CMT if the money is not going to be there too long. Many people use this CMT as direct retail customers.
I tend to the view that esuperfund could not possibly perform their function for $599 without some other offsetting return. If they get a commission from the CMT and a payment for lodging BAS returns - neither of which I would receive otherwise anyway - and that enables them to perform their service for me, that's all to the good.
Cheers .......... Alan
hangseng
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Re: Esuperfunds SMSF brokers
Exactly Alan, I knew all along they would be getting commissions. So what, it ensures my fees remain low, a simple win win arrangement.
You've lost me a bit there. The CMT is currently returning 6.57% avg after fees. Yes, it is easy enough (and allowable with esuperfund) to get a better rate but its convenient to just use the CMT if the money is not going to be there too long. Many people use this CMT as direct retail customers.
I tend to the view that esuperfund could not possibly perform their function for $599 without some other offsetting return. If they get a commission from the CMT and a payment for lodging BAS returns - neither of which I would receive otherwise anyway - and that enables them to perform their service for me, that's all to the good.
Cheers .......... Alan
Exactly Alan, I knew all along they would be getting commissions. So what, it ensures my fees remain low, a simple win win arrangement.
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Re: Esuperfunds SMSF brokers
How do you do this? (the above)
As I understand it, they charge the $30 commission on the SMSF accounts, unlike the regular commsec account, which if u have a preferred bank account attached is $20 per trade.
I thought this is how they make some profit. ( i would prefer $20 tho)
As for trading thru another broker, I am not sure they would allow that if u did lots of trades,( I think this is spelled out in their website).
I believe the reason they keep their audit cost low, is that they have integrated auditing software with Commsec ,Macquarie, and IG.
If they had to manually audit more than a few trades, that would mean they would cost the same as a regular accountant ie $1500-3000.
You can use term deposits or other high interest accounts for excess cash
I would be surprised if they establish agreements with any really low cost brokers, because they would be cutting their profit margin.
I seem to recall reading somewhere in the fine print that Commsec and Macquarie are actually shareholders in the company that runs Esuperfund?
tony
How do you do this? (the above)
As I understand it, they charge the $30 commission on the SMSF accounts, unlike the regular commsec account, which if u have a preferred bank account attached is $20 per trade.
I thought this is how they make some profit. ( i would prefer $20 tho)
As for trading thru another broker, I am not sure they would allow that if u did lots of trades,( I think this is spelled out in their website).
I believe the reason they keep their audit cost low, is that they have integrated auditing software with Commsec ,Macquarie, and IG.
If they had to manually audit more than a few trades, that would mean they would cost the same as a regular accountant ie $1500-3000.
You can use term deposits or other high interest accounts for excess cash
I would be surprised if they establish agreements with any really low cost brokers, because they would be cutting their profit margin.
I seem to recall reading somewhere in the fine print that Commsec and Macquarie are actually shareholders in the company that runs Esuperfund?
tony
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Re: Esuperfunds SMSF brokers
Interesting reading for those who are in e-superfund.
I only have two accounts.
My v2 Plus Super account with ANZ and Commsec for trading.
It appears to work for me except that there is a bit of a time lag between accounts.
As well, i find the Commsec trading account a bit confusing in regard to cleared funds. Also have a separate NAB trading account not linked to my Super Fund.
I use the NAB Trading Platform rather than rely on Commsec as i am probably more used to using NAB.
So far i am reasonably happy with e-superfund.
As long as i can build up my Superfund in an efficient and timely manner i don't really care how much commissions they are getting as long as i am not being ripped off.
Cheers markcoinoz
Interesting reading for those who are in e-superfund.
I only have two accounts.
My v2 Plus Super account with ANZ and Commsec for trading.
It appears to work for me except that there is a bit of a time lag between accounts.
As well, i find the Commsec trading account a bit confusing in regard to cleared funds. Also have a separate NAB trading account not linked to my Super Fund.
I use the NAB Trading Platform rather than rely on Commsec as i am probably more used to using NAB.
So far i am reasonably happy with e-superfund.
As long as i can build up my Superfund in an efficient and timely manner i don't really care how much commissions they are getting as long as i am not being ripped off.
Cheers markcoinoz
Re: Esuperfunds SMSF brokers
Letter from Esuperfund - March 2008
......
"As you are aware as pert of our services we now require clients to use specific brokers and banking accounts in order to simplify the annual compliance preparation process. Documentation has been previously forwarded to you in relation to these changes and the possibility of converting to our new compliance system including changing brokers and banking arrangements where necessary. You have previously indicated that your preference is that your fund does not change its existing arrangements. Given this, we advise that we are now unable to allocate appropriate staffing resources to adequately service your fund's taxation requirements. Rather than allow our level of service to you to deteriorate, we have deemed it necessary to transfer your Fund's taxation requirements to another taxation agent, Business Concepts Group.
....
Esuperfund has passed on your fund's taxation files to Business Concepts Group ..... Importantly by transferring all our clients' affairs to one taxation agent, Esuperfund will be available to answer any issues that arise as part of the transaction process.
As you are aware you have been paying your fees monthly to Esuperfund. Your monthly payment to Esuperfund has ceased effective DD MMM 2007.
To simplify the account payment process your fees will no longer be debited monthly, but will be debited annually once per year. the first annual payment will be made on April 15, 2008 and will relate to payment of your Funds 2008 (/09) financial year accounting and taxation compliance obligations."
-------------------
Please note the following aspects:-
We all have choices, and I have no issue with any business being as profitable as possible in whatever way they can, as long as it is open, honest and trustworthy. My SMSF is too valuable an asset to me to be told who I bank my cash holdings with.
What happens is some unscrupulous administrator sets up this sort of operation and then transfers the stock holdings into something like Opes and the cash element into something like Lehmans (Manly council and many others lost a packet on these 'money market' accounts).
Like Opes, Lehmans, and all the high interest players who were backing the property game that have gone bust over the past couple of years people only look at the small print after the event. Buyer beware.
hangseng; said:
Letter from Esuperfund - March 2008
......
"As you are aware as pert of our services we now require clients to use specific brokers and banking accounts in order to simplify the annual compliance preparation process. Documentation has been previously forwarded to you in relation to these changes and the possibility of converting to our new compliance system including changing brokers and banking arrangements where necessary. You have previously indicated that your preference is that your fund does not change its existing arrangements. Given this, we advise that we are now unable to allocate appropriate staffing resources to adequately service your fund's taxation requirements. Rather than allow our level of service to you to deteriorate, we have deemed it necessary to transfer your Fund's taxation requirements to another taxation agent, Business Concepts Group.
....
Esuperfund has passed on your fund's taxation files to Business Concepts Group ..... Importantly by transferring all our clients' affairs to one taxation agent, Esuperfund will be available to answer any issues that arise as part of the transaction process.
As you are aware you have been paying your fees monthly to Esuperfund. Your monthly payment to Esuperfund has ceased effective DD MMM 2007.
To simplify the account payment process your fees will no longer be debited monthly, but will be debited annually once per year. the first annual payment will be made on April 15, 2008 and will relate to payment of your Funds 2008 (/09) financial year accounting and taxation compliance obligations."
-------------------
Please note the following aspects:-
- Commsec is, and has always been the broker.
- MacBank CMT is not used and never has been.
- A major big 4 bank is used and will supply electronic data feed.
- The letter dated 27th March, received in April states that the monthly fees were stopped in late 2007 e.g. this decision was made last year, but first advice me me was April 2008!
- The transfer was not discussed in any shape or form and is an arbitrary decision by Esuperfund.
- The payment system has been changed without any consultation.
- The first annual payment was to be within 2 weeks of receiving the letter!
- The records have been transferred to another agent without any consultation.
- I have always paid extra monthly fees due to non use of macbank and have never objected to these fees.
- I hold less than 15 different stocks plus a consolidated wrap account holding managed wholesale funds (e.g. no commission to any adviser). This is a simple to manage account and any decent software with the direct data feeds should mange this with no manual intervention. The auditor checks the numbers, but little accounts work to do. So please don't think that a complex account is involved.
- I'm also not happy about being charged $200 for a new trust deed AFTER the monthly debites were stopped e.g. Esuperfund debited $200 for a trust deed after deciding to transfer my account. This Stinks.
We all have choices, and I have no issue with any business being as profitable as possible in whatever way they can, as long as it is open, honest and trustworthy. My SMSF is too valuable an asset to me to be told who I bank my cash holdings with.
What happens is some unscrupulous administrator sets up this sort of operation and then transfers the stock holdings into something like Opes and the cash element into something like Lehmans (Manly council and many others lost a packet on these 'money market' accounts).
Like Opes, Lehmans, and all the high interest players who were backing the property game that have gone bust over the past couple of years people only look at the small print after the event. Buyer beware.
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Re: Esuperfunds SMSF brokers
As a trustee of a SMSF and an Esuperfund client that notice is a concern.
As a trustee of a SMSF and an Esuperfund client that notice is a concern.
hangseng
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Re: Esuperfunds SMSF brokers
Hmmmmmmmmm...interesting.
Firstly how can they debit the fund without the authority of the Trustee?
Secondly they have no access to the cash funds or stocks, so they have no control over either aspect. I have the CHESS holding statement in the name of the fund for all stocks I have purchased, unleveraged and not "loaned". They quite simply have no legal or physical ability to access or control either.
I am not saying your letter is false I am just stating what I know to be true and what I have been told by Esuperfund. If they tried that on me I would leave them in a flash and go to me existing accountant.
Be aware Esuperfund....I have our written agreement and diary notes of our recent discussion. Do this to me and you are out! Transfer my business or mess with my fund without my written authority and the regulator will be knocking at your door.
Hmmmmmmmmm...interesting.
Firstly how can they debit the fund without the authority of the Trustee?
Secondly they have no access to the cash funds or stocks, so they have no control over either aspect. I have the CHESS holding statement in the name of the fund for all stocks I have purchased, unleveraged and not "loaned". They quite simply have no legal or physical ability to access or control either.
I am not saying your letter is false I am just stating what I know to be true and what I have been told by Esuperfund. If they tried that on me I would leave them in a flash and go to me existing accountant.
Be aware Esuperfund....I have our written agreement and diary notes of our recent discussion. Do this to me and you are out! Transfer my business or mess with my fund without my written authority and the regulator will be knocking at your door.
Re: Esuperfunds SMSF brokers
Well, if you don't want to believe me then why don't you call Esuperfund and ask them if it's true. I guess that if I've made this up then Esuperfund would be very interested in pursuing me in all manner of ways.
The Direct Debit mandate is signed to allow Esuperfund to debit fees. If you have any legal experince and can show me how I can contest this charge them I'd be happy to hear from you.
If Esuperfund deny it then I will post images.
I assure you what I have stated as fact, is fact. Don't get hung up on a comment that was clearly a example of what could happen.Your post clearly stated that Esuperfund would be silly to do this - and they have.
hangseng; said:
Well, if you don't want to believe me then why don't you call Esuperfund and ask them if it's true. I guess that if I've made this up then Esuperfund would be very interested in pursuing me in all manner of ways.
The Direct Debit mandate is signed to allow Esuperfund to debit fees. If you have any legal experince and can show me how I can contest this charge them I'd be happy to hear from you.
If Esuperfund deny it then I will post images.
I assure you what I have stated as fact, is fact. Don't get hung up on a comment that was clearly a example of what could happen.Your post clearly stated that Esuperfund would be silly to do this - and they have.
Re: Esuperfunds SMSF brokers
Legg Mason Posts Loss on Costs to Protect Money Funds (Update5)
May 6 (Bloomberg) -- Legg Mason Inc. posted a bigger-than estimated loss, its first in 25 years as a public company, after pumping $517 million into money-market funds hurt by subprime mortgage-tainted debt.
Legg Mason has set aside almost $2 billion since November to prop up three money funds against losses on debt issued by structured investment vehicles, or SIVs. To replenish capital, Legg Mason plans to raise $1 billion by selling 20 million equity units, its second cash infusion in the past six months, the Baltimore-based company said today in a statement.
-------------------------------------------------------------
So, is there a difference between a Money Market Fund and a Cash Management Trust from MacBank? Serious question guys, and I honestly don't know the answer if the brown stuff really hits the fan.
A number of firms have done the right thing and backed their money accounts with their profits - however they are under no legal obligation to do so. So, unless the public company has an obligation to stand by it's depositors, as with the major clearing banks by using shareholder funds in the final analysis (as Legg Mason Inc did), then you should be aware of any risk. It may be minimal, and indeed worth taking due to extra returns - but do the maths first.
Does anyone know if MacBank will puts it's assets on the line to defend the CMT? Again a serious question as I don't see this commitment anywhere in the product disclosure.
Legg Mason Posts Loss on Costs to Protect Money Funds (Update5)
May 6 (Bloomberg) -- Legg Mason Inc. posted a bigger-than estimated loss, its first in 25 years as a public company, after pumping $517 million into money-market funds hurt by subprime mortgage-tainted debt.
Legg Mason has set aside almost $2 billion since November to prop up three money funds against losses on debt issued by structured investment vehicles, or SIVs. To replenish capital, Legg Mason plans to raise $1 billion by selling 20 million equity units, its second cash infusion in the past six months, the Baltimore-based company said today in a statement.
-------------------------------------------------------------
So, is there a difference between a Money Market Fund and a Cash Management Trust from MacBank? Serious question guys, and I honestly don't know the answer if the brown stuff really hits the fan.
A number of firms have done the right thing and backed their money accounts with their profits - however they are under no legal obligation to do so. So, unless the public company has an obligation to stand by it's depositors, as with the major clearing banks by using shareholder funds in the final analysis (as Legg Mason Inc did), then you should be aware of any risk. It may be minimal, and indeed worth taking due to extra returns - but do the maths first.
Does anyone know if MacBank will puts it's assets on the line to defend the CMT? Again a serious question as I don't see this commitment anywhere in the product disclosure.
Re: Esuperfunds SMSF brokers
I can only assume then that their 'application documentation' has changed since that fund was created. My direct debit authority is limited to $599 annually on a given date. ie any changes would require a new authority.
Cheers ......... Alan
I can only assume then that their 'application documentation' has changed since that fund was created. My direct debit authority is limited to $599 annually on a given date. ie any changes would require a new authority.
Cheers ......... Alan
hangseng
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Re: Esuperfunds SMSF brokers
CAFA1234, I can see you are annoyed and rightly so. However please read my post again. I did not state, intend, nor imply I didn't believe you.
I only stated what I know to be true from what I have been told by them and what my actions would be if they did that to me.
CAFA1234, I can see you are annoyed and rightly so. However please read my post again. I did not state, intend, nor imply I didn't believe you.
I only stated what I know to be true from what I have been told by them and what my actions would be if they did that to me.
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Re: Esuperfunds SMSF brokers
Hi Alan,
I don't have a direct debit authority for Esuperfund.
They sent me a letter requesting the annual payment be made late last year.
All i have ever done was make payment through direct transfer.
It was the same when i had the Deed updated.
Just transferred the funds through to them.
Thats all i have ever paid to them.
CAFA1234,
Just in regard to the CMF & MMF i don't know the answer.
One of my reasons for changing over from a Managed Superfund to an SMSF
was to cut down the risk of seeing my savings being eroded through high management fees and poor investment choices. As well, the idea of some Superfunds lending out shares to hedgefunds did not do anything to remain confident in the financial system from a regularity perspective as a whole.
With my Esuperfund, i keep very little cash in my ANZV2 account.
Nearly all is used for shares. Therefore, if anything did happen i cannot possibly see how i could be affected as all the shares are in my name with all the Chess Statements. Perhaps you may be in a different situation to me as far as retirement or close to it.
I still have at least another 10 or 15 years to go.
Thats why i don't have much cash in the V2 account.
This thread has been very informative for me and its also important that you have raised many of these issues.
Keep them coming.
Cheers markcoinoz
Hi Alan,
I don't have a direct debit authority for Esuperfund.
They sent me a letter requesting the annual payment be made late last year.
All i have ever done was make payment through direct transfer.
It was the same when i had the Deed updated.
Just transferred the funds through to them.
Thats all i have ever paid to them.
CAFA1234,
Just in regard to the CMF & MMF i don't know the answer.
One of my reasons for changing over from a Managed Superfund to an SMSF
was to cut down the risk of seeing my savings being eroded through high management fees and poor investment choices. As well, the idea of some Superfunds lending out shares to hedgefunds did not do anything to remain confident in the financial system from a regularity perspective as a whole.
With my Esuperfund, i keep very little cash in my ANZV2 account.
Nearly all is used for shares. Therefore, if anything did happen i cannot possibly see how i could be affected as all the shares are in my name with all the Chess Statements. Perhaps you may be in a different situation to me as far as retirement or close to it.
I still have at least another 10 or 15 years to go.
Thats why i don't have much cash in the V2 account.
This thread has been very informative for me and its also important that you have raised many of these issues.
Keep them coming.
Cheers markcoinoz
Re: Esuperfunds SMSF brokers
Hey man, not annoyed at all The issue is that I made various statements about esuperfund, and received a few replies to the effect that they would never do such a thing, and even that you would take your account away etc etc.
So I post 'evidence' and happy to back that up with scanned images to prove my assertions and then I get reply stating that you know differently and that what they have told you on the phone must be 'true'.
I'm amused, but not annoyed. All I have done is to warn members of this board that they should beware, as I have personal history of Esuperfund acting in a manner that I personally find underhand, untrustworthy, and downright deceptive. It is for each to 'run their own book' on this one.
hangseng; said:
Hey man, not annoyed at all
The issue is that I made various statements about esuperfund, and received a few replies to the effect that they would never do such a thing, and even that you would take your account away etc etc.So I post 'evidence' and happy to back that up with scanned images to prove my assertions and then I get reply stating that you know differently and that what they have told you on the phone must be 'true'.
I'm amused, but not annoyed. All I have done is to warn members of this board that they should beware, as I have personal history of Esuperfund acting in a manner that I personally find underhand, untrustworthy, and downright deceptive. It is for each to 'run their own book' on this one.
Re: Esuperfunds SMSF brokers
Hi, understand your view, and for most SMSF it is of little interest due to small cash balances. However report, after report shows SMSFs having far too much cash for extended period. My cash balance if often in excess of $100k and has exceeded $0.5m at times, mainly due to timing issues with selling / buying of assets and end of year contributions. Therefore I'm very keen to understand any hidden risk factors.
I've been bitten before and had all my savings wiped out by being greedy and trying to get an extra 0.5 pence (UK) in a share selling for 88 pence. That half penny greed cost me a packet. It was a Black Swan event that could not have been foreseen. If I'd stuck with my normal bank broker it would have been just fine with a good profit to boot!
Markcoinoz; said:CAFA1234, Just in regard to the CMF & MMF i don't know the answer.
With my Esuperfund, i keep very little cash in my ANZV2 account.
Cheers markcoinoz
Hi, understand your view, and for most SMSF it is of little interest due to small cash balances. However report, after report shows SMSFs having far too much cash for extended period. My cash balance if often in excess of $100k and has exceeded $0.5m at times, mainly due to timing issues with selling / buying of assets and end of year contributions. Therefore I'm very keen to understand any hidden risk factors.
I've been bitten before and had all my savings wiped out by being greedy and trying to get an extra 0.5 pence (UK) in a share selling for 88 pence. That half penny greed cost me a packet. It was a Black Swan event that could not have been foreseen. If I'd stuck with my normal bank broker it would have been just fine with a good profit to boot!
Re: Esuperfunds SMSF brokers
Esuperfund Press release Oct 2007.
....ESUPERFUND entered the SMSF space in 2000 and has rapidly become one of the dominant players in that market, currently administering client
funds exceeding $1 billion....
----------------------------
IF the $1b is true then even if only 5% is held in cash, and I suspect much more, that is $50m being held in the CMT. I sincerely hope there is never a problem.
Markcoinoz; said:CAFA1234,
Just in regard to the CMF & MMF i don't know the answer.
With my Esuperfund, i keep very little cash in my ANZV2 account.
Nearly all is used for shares.
Cheers markcoinoz
Esuperfund Press release Oct 2007.
....ESUPERFUND entered the SMSF space in 2000 and has rapidly become one of the dominant players in that market, currently administering client
funds exceeding $1 billion....
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IF the $1b is true then even if only 5% is held in cash, and I suspect much more, that is $50m being held in the CMT. I sincerely hope there is never a problem.
Re: Esuperfunds SMSF brokers
One of the first to join, then called rol-solutions, Esuper fund debited $1200 for Business concepts a few weeks ago for 20072008 tax return IN ADVANCE all because I did not want to leave comsec and comm.bank ......So pulled the pin on Esupertrade .....
One of the first to join, then called rol-solutions, Esuper fund debited $1200 for Business concepts a few weeks ago for 20072008 tax return IN ADVANCE all because I did not want to leave comsec and comm.bank ......So pulled the pin on Esupertrade .....
