Esuperfund SMSF brokers

[titl4]

Re: Esuperfunds SMSF brokers

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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.

A total of $17.7 billion at 30 Apr 2008 in the CMT according to their website.

Cheers ......... Alan

 

[CAFA1234]

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 tax return IN ADVANCE all because I did not want to leave comsec and comm.bank ......So pulled the pin on Esupertrade .....

So at least I'm not the only one
Did you get a similar letter to mine (posted above in the last few days)?
Assume you had no communication other than to tell you they have done this?
Did you get your $1200 refunded, or are you going with Business Concepts?
Did you also get hit with a $200 for a new trust deed, with free updates for 5 years?
Have you been paying more than $599 PA as you were with ComBank?

Did you ever get asked to sign up for them to be your financial adviser so they could get the trail commissions? I refused as I had an adviser.

I too am with commsec and combank and very happy with them.

Sorry to ask so many questions, but others are doubtful that Esuperfund would operate in this way, and this sort of exchange will hopefully expose Esuperfund for the methods that they employ.

Have you thought about a press release to the financial editors of the major media in Aus. I have an email address list of about 40 key editors and sub-editors for financial sections covering most of the media in Aus.

 

[CAFA1234]

Re: Esuperfunds SMSF brokers

A total of $17.7 billion at 30 Apr 2008 in the CMT according to their website.

Cheers ......... Alan

Alan, $17.7b in the CMT, or Esuperfind clients in the CMT? I was referring to the Esuperfund press release that said the SMSFs they admined had $1b in assets.

 

[titl4]

Re: Esuperfunds SMSF brokers

Alan, $17.7b in the CMT, or Esuperfind clients in the CMT? I was referring to the Esuperfund press release that said the SMSFs they admined had $1b in assets.

No, sorry. I realized that - I was just comparing the eSuperfund estimated amount to the fund total. A significant part of the total is likely to be from super funds, self managed & otherwise, as I've noticed other funds use it as well.

 

[awg]

No CFD

Just checking Esuperfunds website.

They have deleted ability to use CFDs and Options within SMSF.

Previously they used IG Markets. I have the application form.

This change must have taken place within the last month or so.

Means use of leverage or short positions is totally restricted.

I will email them about this.

anyone else know why?

 

[CAFA1234]

Re: No CFD

Just checking Esuperfunds website.

They have deleted ability to use CFDs and Options within SMSF.

Previously they used IG Markets. I have the application form.

This change must have taken place within the last month or so.

Means use of leverage or short positions is totally restricted.

I will email them about this.

anyone else know why?

Did you get a satisfactory answer to this ?

 

[awg]

Re: Esuperfunds SMSF brokers

have'nt got around to emailing them yet.

but i will asap, and update when i get an answer.

stated on their website it is due to "reporting difficulties".

not urgent for me yet, but i was definately planing to utilise shorts and leverage into my strategy, so am hoping that they can resolve the issue in the medium term.

tony

 

[CAFA1234]

Re: Esuperfunds SMSF brokers

have'nt got around to emailing them yet.

but i will asap, and update when i get an answer.

stated on their website it is due to "reporting difficulties".

not urgent for me yet, but i was definately planing to utilise shorts and leverage into my strategy, so am hoping that they can resolve the issue in the medium term.

tony

Best of luck - no chance, is my call.

 

[JMcDog]

Re: Esuperfunds SMSF brokers

I understand the restriction(s) Esuper are placing on your share trading account (Commsec) and your CMA (Macquarie), however, I'm not so clear on any restrictions that may be applied to other accounts (e.g. Term Deposits). Do these guys (Esuper) also have restrictions and/or attempt to make it difficult in this regards? Thanks in advance. JM

 

[auric]

Re: Esuperfunds SMSF brokers

from their website:
http://www.esuperfund.com.au/otherallowablesmsfassets.aspx




Other Investments

Other Investments that do not require a Broker including Property, Term Deposits and so on are permitted to be made by clients. For these Investments ESUPERFUND will send you a Checklist each year guiding you on what documentation we require to prepare your SMSF’s annual compliance requirements.

 

[CAFA1234]

Re: Esuperfunds SMSF brokers

from their website:
http://www.esuperfund.com.au/otherallowablesmsfassets.aspx

Other Investments

Other Investments that do not require a Broker including Property, Term Deposits and so on are permitted to be made by clients. For these Investments ESUPERFUND will send you a Checklist each year guiding you on what documentation we require to prepare your SMSF’s annual compliance requirements.

Ask yourself a simple question... if Esuperfund will not allow a CBA cash account for share trading because ' they are unable to devote resources to this ' (as per their letter to me above several posts), then how on earth will they cope with property. Property is far more complex for them and the auditor than a simple bank account - right?

I just don't get it with these guys. I would get everything confirmed in writing and not just rely on what is on their web site or what they say on the phone. They are of course entitled to change the rules, but as you will have read over the past couple of pages these guys like to play hardball and in a most unprofessional manner.

My advice, would be to stay well clear of them. Would you really want a mob like this to be managing your super - your call, but buyer beware.

 

[awg]

Re: Esuperfunds SMSF brokers

my belief why they wont allow CDIA brokerage rates.

simple.

they (Esuper) would pocket most of the dif between $30 and $20 cdia.

ie $10 per trade, they made plenty out of me today!

this is my opinion only, I have limited evidence that this is the predominate reason, mainly business model opinion.

ps. still havnt emailed them yet about the CFDs. (on ave 5 days till reply)

I would assume the worst they could do in respect of property etc, is charge extra accounting fees, same as a regular accountant would.

my deed permits various things.

one can always can take ones business elswhere if unhappy, they can reject your business if they dont want it.

tony

 

[CAFA1234]

Re: Esuperfunds SMSF brokers

my belief why they wont allow CDIA brokerage rates.

simple.

they (Esuper) would pocket most of the dif between $30 and $20 cdia.

ie $10 per trade, they made plenty out of me today!

this is my opinion only, I have limited evidence that this is the predominate reason, mainly business model opinion.

ps. still havnt emailed them yet about the CFDs. (on ave 5 days till reply)

I would assume the worst they could do in respect of property etc, is charge extra accounting fees, same as a regular accountant would.

my deed permits various things.

one can always can take ones business elswhere if unhappy, they can reject your business if they dont want it.

tony

Take your last point, Tony. I have no issue with this - it's the unprofessional way in which they act that I find rather unsettling, particularly for a qualified accountant.

As for the trading cost differential... the few trades per year that I perform would not make them rich, and generally the trades are at least 5 figures and ofter 6, so I'm not too concerned about the difference. That's not why I'm with CBA - just my preference.

AND I've been paying a HIGHER rate to Esuper for the past 2 years for them to allow me not to use their preferred bank account. Again I've had no trouble with this arrangement.

I would love to hear of anyone's experience (good and bad) of having property in a SMSF and the accountancy and audit aspects, in particular any of the low cost on-line mobs.

 

[awg]

Re: Esuperfunds SMSF brokers

Belatedly, my reply about CFD accounts....see post below

I spoke to Esuper today, as to why they no longer allow CFD accounts (via IG markets)

I have been advised that existing clients, such as myself ,will be permitted to open a CFD account.

New clients will not be apparently.

This was stated to be for the reasons that there was a concern that the risk of clients burning up there accounts was perceived to be too high, and that the take-up rate had been very low anyway.

Perhaps this could be partly due to the rumblings in the industry about SMSFs.

Prudency with relation to audit requirements was mentioned.

I stated that one of the main reasons for me joining Esuper was that, slightly down the track, I could use CFD derivatives to hedge risk, as well as more easily short, and the most effective method to utilise leverage within an SMSF.

So all good..for me at least.

regards tony

 

[CAFA1234]

Re: Esuperfunds SMSF brokers

Belatedly, my reply about CFD accounts....see post below

I spoke to Esuper today, as to why they no longer allow CFD accounts (via IG markets)

I have been advised that existing clients, such as myself ,will be permitted to open a CFD account.

New clients will not be apparently.

This was stated to be for the reasons that there was a concern that the risk of clients burning up there accounts was perceived to be too high, and that the take-up rate had been very low anyway.

Perhaps this could be partly due to the rumblings in the industry about SMSFs.

Prudency with relation to audit requirements was mentioned.

I stated that one of the main reasons for me joining Esuper was that, slightly down the track, I could use CFD derivatives to hedge risk, as well as more easily short, and the most effective method to utilise leverage within an SMSF.

So all good..for me at least.

regards tony

Great news - just remember that with other aspects of Esuper they have been withdrawn even after being allowed for existing members. So, just be prepared to move supplier when you want to trade CFD.
PS confirm your conversation by email and get some form of acknowledgment - just to be safe!

 

[Gundini]

Re: Esuperfunds SMSF brokers

I am considering using Esuperfunds for my SMSF.

After reading this thread, and researching the many options for SMSF, I just can't go past these guys. For starters, this is the offer from their website today:

2009 Annual Compliance Fee

If you establish a SMSF before 15 July 2008 , the First Years 2009 annual compliance fee is FREE. That is the fee to attend to the Fund’s 2009 annual compliance obligations is FREE. This is a saving of $599. Our FREE First Year Offer includes attending to ALL annual compliance obligations for your SMSF for the 2009 Financial Year including:

- Preparation of an annual Balance Sheet
- Preparation of an annual Profit & Loss Statement
- Preparation of annual Member Statements
- Preparation of annual Trustee Resolutions & Minutes
- Preparation of an annual Income Tax Return
- Preparation of an annual Audit

So, it seems it will only cost me the $150 odd which is an annual Tax fee, and basically that appears to be it, outside of my investment transaction fees.

Does seem too good to be true, which makes me wary though.

But my question to those who have had experience with this broker is:

Is there any reason why I can't say invest $100K in a Bank West Telenet saver account, earning 8.25%, and $150K in a portfolio of shares with unlimited transactions as the website states?

Also, there appears to be a penalty if you trade through any other account other than Commsec or Macquarie, considering I would probably only be making 30 or so trades per year, the extra $10 or there abouts that I would save trading through a cheaper online broker would amount to $300 per year. This doesn't seem too unreasonable considering their cheap auditing fees, especially when most SMSF brokers add on $20 fees for more than 15 trades or investments per year.

I applied sometime last week online, so I don't have the full disclosure doc yet, but so far, these guys seem to be the best bite for buck around at the moment.

Am I missing anything?

 

[Gundini]

Re: Esuperfunds SMSF brokers

Anyway, I have recieved the disclosure document and all seems good to me. It also re-affirms the free compliance service for the first 12 month, but does state your super has to first go to either Commsec or Macquarie, then be invested how you wish...

So, really, a no brainer at this stage.

Who would you recommend as the better overall service/ value for money/ most reliable server for trading shares? I really only want to make say 20 to 30 trades each year...

I am only asking for ASF experience with these companies of course, not actual recommendations....

 

[titl4]

Re: Esuperfunds SMSF brokers

Maybe I've misunderstood your query but with new Esuperfund SMSF's there are limited investment options. One of those is that for all share trading you must use Commsec as the broker and through the designated accounts.

I am happy with Esuperfund and the price is certainly right but I also have to accept that there is a cost in flexibility.

Cheers ........... Alan

.............. but does state your super has to first go to either Commsec or Macquarie, then be invested how you wish.................
Who would you recommend as the better overall service/ value for money/ most reliable server for trading shares? I really only want to make say 20 to 30 trades each year...

 

[CFD]

Re: Esuperfunds SMSF brokers

Who are you guys going to use instead of Esuperfunds?

 

[Julia]

Re: Esuperfunds SMSF brokers

Gundini, that sounds like a really good deal from E-Super. I guess by insisting on your using specific broker and bank account they are able to standardise the data entry requirements and thus offer such a cheap service.
If I were starting over with setting up a SMSF at this stage, I'd go for this.
They have been around long enough now to have worked out any problems, I would guess, and I'd also imagine that if there were many dissatisfied customers, it would have become known.

Having just paid an accountant far too much for very shonky work, I think anyone signing up with Esuper is probably getting a decent deal. Just one aspect could be a concern: can you ask them for advice about structuring investments etc, or would you still need a separate financial planner for that?