Welcome to another edition of our “Industry Spotlight” interview series, where we bring you deep insights from key industry experts. Today, we have the privilege of sitting down with the dynamic team behind New Venture Wealth, an SMSF Provider based out of Melbourn, Victoria.
What specialised areas do you look after at New Venture Wealth?
At New Venture Wealth we specialise in the establishment and taxation of self managed super funds. Our team of SMSF consultants guide you through the full end to end establishment process, whilst our team of chartered accountants assist you with your annual taxation requirements. When you commence your SMSF journey, at NVW we assign you with a dedicated SMSF consultant to guide and assist you every step of the way.
What Risks do you see for Australians setting up an SMSF and how can they be avoided?
When you establish a SMSF you take on the role of a ‘fund manager’ and will be responsible for making all of your own investment decisions. Therefore, to avoid any risk, you should ensure you conduct extensive research and fully understand the the assets involved in your investments. However, the biggest ‘risk’ associated with superannuation, is being unaware of exactly ‘where’ and ‘how’ your super is being invested by your retail superannuation fund. A recent survey showed 72% of Austrlaians didn’t know the details of their respective superannuation funds. As a result, we are seeing exponential growth of Australians looking to set self managed super funds to take back control of their supernannuation investments.
What areas of investment do you see people most looking to set up an SMSF for?
We see a range of different investment types but of late we are noticing that ‘property’ and ‘cryptocurrency’ are proving to be a popular choice by Australians. Investing in property has shown steady growth over the years, however, interestingly, the strongest performing asset over the last 10 years has been Bitcoin. An investment strategy we are seeing quite prominently is one of ‘diversification’. The general perception is that you have to close down your retail superannuation fund when you set up a SMSF. This isn’t the case, you can simply allocate a portion of your retail super balance into the SMSF and invest in asset classes not readily available in your retail fund.
How Does NVW differ from their competitors?
Our point of difference is our ‘consultative’ approach to assisting you with establishing your SMSF. For many Australians, the application process can be viewed as complex and expensive. However, at New Venture Wealth we take a different approach. We assign you with your own SMSF setup consultant to educate and guide you on your SMSF funds journey and offer affordable application and auditing pricing options. A free ‘one on one’ consultation is available to arm you with all the information you need to commence the SMSF property, SMSF equities or SMSF cryptocurrency application process.
On completion of your online application, your consultant will then assist you ‘step by step‘ to ensure your fund is completed in a timely manner and meets all the ATO regulation requirements. We also provide you a SMSF funds specialist accountant to complete the annual audit of your SMSF. We know SMSF laws and regulations and ensure that our clients stay on the right side.
In 2022 we saw a slight dip down from 43,000 new SMSF’s to 41,000. Do you see this increasing or decreasing over the coming years?
We forecast an upward trend in the amount of SMSF being established in the coming years. The sentiment in the market is one of frustration as the growth of retail superannuation investments are on the decline.
From start to finish how long does it take to complete the establishment process with NVW and what are some key things needed to get things going?
The online application form only takes ten minutes and all that’s required is your personal tax file number. The ATO approval process generally takes 2-4 weeks.
Going forward do you see any major changes in SMSF regulation?
In the short term we don’t see any significant changes to SMSF regulation. However, if changes do occur we will always notify our customer base and will adapt to any significant changes
You’re based in Victoria but does New Venture Wealth Service clients nationwide?
Yes, we service and have customers from all over Australia. Our business is geared to be digitised and for those customers requesting video conferencing we can certainly accommodate.
To find out more about New Venture Wealth visit www.newventurewealth.com.au
