The Fun in the New

Look I don’t know about you but I have fun creating new things, whether it is strategy, ideas, techniques, ways of dealing with clients, presentations, books and well the list goes on and on.  The mundane and the repetitive just doesn’t do it for me.  I hate doing accounts and administrative tasks; they are not important and slide to the very last thing in my life that I would rather be doing.

And I am being very truthful here.  A few years ago, I found SMSF’s mundane and boring.  There was little strategy out there to create, most of my best strategies from early years were well known and it was like Groundhog Day, every day.  Sure, contributions in excess of the cap was a lot of fun and still is but that was my only joy.

Then came May 2016 with the introduction of the Pension Transfer Balance Account, the limits on non-concessional contributions, the reduction in the concessional cap and well hundreds of pages of extremely complex laws.  Suddenly there was a new spring in my step.  May 2017 and member numbers taken up to six saw my long-term dream of building Family SMSF’s and Family Dynasties popped its cork.  Then came NALI.  If you don’t know what that is, it is a strategy changer.  Plus – AFCA, ESIC’s, SMSF negligence, separate investment strategies, SMSF Wills, SMSF Living Wills, the Family Starship Lightyear with its member Pods and well I am getting off point.  The thing is I am having fun being creative, discovering lots of ideas, debating the best strategies with Family SMSF advisers and well just being the best of me.

And it is easy to tell by self-assessment.  On a scale of one to ten I would rate a 9.5 for common or average SMSF advice.  Well I did write the The Gurus Guide to SMSF’s, now available at all good books shops and Amazon, so I have to know my stuff.

But here’s the deal on a scale of one to ten on being a Family SMSF adviser I would rate myself around 7 possibly squeaking in at 7.5.  Even though I have been in multi-member, multi-generational and blended, bloodline Family SMSF’s for more than 20 years.  The complexity of building, strategising and making a Family SMSF a reality is just, well awe-inspiring.  It is so creative.  So innovative.  It is just brilliant to be alive and using every part of my brain to build the new elite of the elite – Family SMSF’s.

But even more when doing it with a whole lot of other Family SMSF advisers.  The energy in a room of strategic advisers pulling apart family structures and rebuilding them using every law in the book is what it is all about.  And I can’t wait for my next three-hour strategy session in Sydney on 12 September.  In fact, I have this twinkling of getting all my new Family SMSF advisers together for a two-day strategy fest in November.  There is just so much to learn, build and grow.  So much fun to be had.

Thank you Malcolm Turnbull and Scott Morrison.  I don’t think you know what you have unleashed.

Grant Abbott

CEO – I Love SMSF