On Saturday 18 May 2019 we peered into a tunnel to see a vision of a world without negative gearing, higher CGT taxes, non-refundable franking credits, a full frontal assault on SMSFs by industry super funds and well the picture was dark, gloomy and the only ones who were happy were the industry super funds and the unions.
But the mirror cracked, and we live to fight another day. Divine intervention, justice, giving the underdog a go or simply Australians seeing through the Labor rhetoric, we live not only to fight another day but MAKE another day the best it can be.
I don’t know about you, but a great weight has been lifted from my shoulders. For the past few years, the pollsters told us that Labor was the next government and we all believed them, except a few advisers like Milton Shaw and Peter Martin who told me that Morrison would be returned. But I did not believe and thank our lucky stars that they booted Turnbull out and Morrison in. What appeared an act of suicide was a very strong and bold political move.
So, here’s the deal. I hereby vow to you all I am not going to waste a minute.
SMSFs are and always will be the best option for employees, small business owners, retirees and anyone who truly believes that their destiny resides in their own hands. That is why SMSFs invest in Australia, they love dividend paying shares and property – not all the same but one or the other. Not like industry or retail super funds that throw their money around the world into everything and are driven by the faceless “Wizards of Oz” sitting in some big fancy tower somewhere looking down on the world while lapping up their management fees.
I don’t know about you but that is not for me. I am dyed SMSF true and blue and the road ahead is amazing. Look at what we have. A $800 billion SMSF industry that is the third largest retirement income and superannuation industry IN THE WORLD. As an adviser to fall into that opportunity you don’t get any better or luckier. So, I see three and really six years of a bright SMSF future. Property has dropped in valuations as the Chinese have moved away – great news, the next generation of under 50’s not in a SMSF can be shown the light. How to secure and make a dream retirement with their SGC and current super liberated into a SMSF. The big banks aren’t lending but who cares there are plenty of younger, more nimble players who have the tools and ability to do LRBAs. I am doing a podcast today with one of Australia’s leading SMSF LRBA brokers and I am telling you things are looking great. Then there is the new upcoming crowdfunding where SMSFs can invest in young or mature cash and capital growth companies seeking to grow their business. And of course there is plenty of equity opportunities.
But the real opportunity is to show our current SMSF clients and their adult children the simplicity and strategic beauty of SMSFs. Seriously you don’t get to be the third largest superannuation system in the world for nothing. And you don’t have competitors such as industry super funds mercilessly spreading fake news about SMSFs (read the industry super fund rag the New Daily – how is that not a breach of the sole purpose test) and trying to regulate us into oblivion by making it harder for accountants to talk about how good SMSFs are, while making financial planning a dirty word (been doing it for years and it is disgraceful).
Well not on my watch. I am not going anywhere. SMSFs are the best and biggest game in town the next six years will set our clients up for life, and their families because of the strategies we put in place. We cannot waste a moment because we have seen a foul tide lapping at our beaches and it has been washed away but it will come back. But by then we must bind, build and grow together to make our SMSF industry and also the playing field for all self-funded retirees that much stronger. It’s my calling and for many it is theirs.
Not everyone answers a call to strategic arms and that is life. But those of you that do and those that want to walk alongside me, let’s shake this thing up. It’s time.
If you need any strategy assistance at all or even some help to grow your own SMSF business, book a one-on-one strategy session with me. I’m always happy to give back to an industry that has given me so much over the years.
To book your session, click here: Book a strategy session with Grant Abbott
– Stay Strategic!
CEO, I Love SMSF
PS. I Love SMSF membership programs provide a unique portal for like-minded SMSF Trustees, SMSF professionals and those looking to become specialist (and industry leading) SMSF Advisers. With a range of CPD, technical strategies, webinars, various training courses, events and mentoring there is something for you. If you’d like to hear more about our memberships, contact us firstname.lastname@example.org or visit ilovesmsf.com. With new FASEA CPD how laws in place, we can help you meet all your ongoing requirements.