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SUPERANNUATION, Discussing all aspects of Superannuation
nipper
post Posted: Aug 29 2017, 08:23 AM
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QUOTE
As part of its ongoing surveillance of advertising promotional material from all super funds, the Australian Securities and Investments Commission's investment managers and superannuation executive leader Gerard Fitzpatrick confirmed he was "monitoring developments" emanating from the entry of new funds. ASIC has not taken any specific actions.

"New and innovative super products are subject to the Corporations Act or ASIC Act, in the same way as established funds," Mr Fitzpatrick said. "We have powers that we can use, including stop orders or infringement notice powers, where there is disclosure that is defective or is misleading to consumers."

.... [K]ey personnel from the Australian Prudential Regulation Authority fielded questions about start-up superannuation funds and confirmed they are also on "close watch" at an industry briefing on operational governance legislation last week.

Mr Fitzpatrick said while it was "aware of the concerns" about the fees being charged by some of the newer super funds, it had no direct concern over how the higher fees may impact the super balances of younger members.

"ASIC doesn't set fee limits – we are focused on confident and informed consumers having disclosure that meets the fee and cost disclosure requirements in the Corporations Act and that the fees and costs are not described in a misleading way," he said.

The chief executive of the Australian Institute of Superannuation Trustees Eva Scheerlinck said regulators have a responsibility to ensure the new entrant's offerings are consistent with their "marketing pitch".

"This is especially important when the fund is pitching to young people who will have super invested for another 40 years or so. Most of these start-ups are operating in the less-regulated Choice environment where the trustees have fewer statutory obligations," she said. "In terms of the investment offerings, are they really that unique and worth the higher fees that some of these new entrants are charging?"

Common to these newer outfits [such as Spaceship, Grow Super, Zuper, Human Super and Mobi Super] is propensity towards outsourcing key elements of the fund's functions, including investment and trusteeship to different providers. Companies such as ASX-listed Onevue's Diversa and Trustee Partners with its related entity Tidswell Financial are the trustees behind many of the new funds.

Mr Fitzpatrick said while it was supportive of new entrants and emphasised that outsourcing is a common feature of the super industry, he also said responsibility for disclosure rests with the trustees, rather than those marketing the funds.

"We expect it to be clear to consumers who they are dealing with when they acquire a financial product of any sort, including a super interest," he said. "Managing outsourced service providers is a risk in the professional trustee model as it is for other trustees. We expect these trustees to manage the risks that arise from having outsourced parties. We would be concerned if we found a trustee was not taking responsibility for the conduct of a third party."

AIST's Ms Scheerlinck said "while it is great to see young people engage with super, many may not be aware that the product they have signed up to is significantly different in structure to the traditional super fund model where the trustees and fund operations are under the one roof and there is strong connection with members".

ASIC uses monitoring services for real-time analysis of advertising and uses social media analytical tools to help it search media for promotional material related to particular funds.

- lipstick / pig interface



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

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nipper
post Posted: Nov 25 2016, 08:12 AM
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One of the biggest emerging Australian investment issues is the performance of "stable" and "conservative" super fund options, which for the first time in a long time are reporting negative returns.. In the month of October, AustralianSuper's "stable" and "conservative balanced" pre-mix options both fell by 0.34 per cent and 0.68 per cent as equities and fixed-rate bonds incurred concurrent losses in a reversal of the widely-assumed negative correlation between these markets.

A January 2015 research report by actuary Milliman and Innova Asset Management's Dan Miles highlighted the flaw in the popular myth that fixed-rate bonds are insurance against equities risk. The authors found that since 1885, the correlation between the rolling three-year Australian equities and 10-year Australian government bond returns was normally positive.

"One of the underlying assumptions of the [standard] 60/40 [split between stocks and bonds] is that equities and bonds are negatively correlated and stable," the report said. "The problem is that this is not always the case. From the 1960s to 2000, the correlation was largely positive in both falling markets (such as the 1970s) and rising markets (1982 onwards)."

The period since 2009 has been the most unusual over the last 130 years: there is no precedent for the strongly negative correlations that have been observed. It is not therefore clear that this historical anomaly should be used as the basis for future asset allocation.

"Some conservative super fund options have ended up with excessive allocations to low-yielding, high-duration government bonds and aren't delivering the defensive return members expect," says Alexander Austin, a long-time super fund adviser who now runs infrastructure investments. "The idea was to build more stability into conservative super options through lower allocations to risky equities and higher weights to defensive assets," he says.

"This approach works well when returns between fixed-rate bonds and equities are inversely related, but it fails if fixed-rate bond and equity returns are correlated, as they were in October and could continue to be if we see a normalisation in long-term rates and/or a period of stagflation."
- Christopher Joye in the AFR

-the 'new normal' is anything but. Old ideas and assumptions about asset allocation (and returns) are out the window ... and I reckon large superannuation funds with lots of members and billions under management are too big to avoid the iceberg.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
flower
post Posted: May 13 2013, 10:14 AM
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In Reply To: mullokintyre's post @ May 13 2013, 08:20 AM

QUOTE
WalkerMy broker ord minett has set up a US denominated account with perishings


Mick, you don't happen to mean Pershing Securities Australia do you? Because if you do from what I can see Pershing are the clearing agents for trades executed through Trader Dealer as broker, so in theory anybody with a TD trading account presumably may have that ability without even realising it -------may be worth a call to Trader Dealer to find out.



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Combining Fundamental comments with Fundamental charts.
 
mullokintyre
post Posted: May 13 2013, 08:20 AM
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In Reply To: walkerjones's post @ May 11 2013, 11:58 AM

Howdy WalkerMy broker ord minett has set up a US denominated account with perishings. I have bought eBay, apple, citi , Johnson and Johnson, Pfizer, JPM to name a few. I have also bought Canadian pacific from Canada obviously, and a Spanish electricity generation company, so its not restricted to US shares.. All through the same US account. Very simple , they send a quarterly statement that I incorporate into the smsf records, and my auditor is quite happy with the info they provide.
Mick




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sent from my Olivetti Typewriter.
 
nipper
post Posted: May 12 2013, 12:34 PM
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In Reply To: ridgey's post @ May 12 2013, 10:40 AM

ASX site lists all Listed Investment Companies (LICs) and Exchange Traded Funds (ETFs) that can be traded on the Aust exchange - in AUD. Normal Aust brokerage applies and there is no currency cost.

If you can't find something below, then up to you to chase it through a broker. To me it seems un-necessarily complex and not cheap

http://www.asx.com.au/products/about-managed-funds.htm

LICs include PMC MFF TGG and HHV

Pure currency exposure:

BetaShares Euro ETF Euro EEU

BetaShares British Pound ETF British Pound POU

BetaShares U.S. Dollar ETF US Dollar USD


ETFs

iShares S&P Asia 50 S&P Asia 50 IAA

iShares MSCI BRIC MSCI BRIC IBK

iShares MSCI Taiwan MSCI Taiwan ITW

iShares MSCI South Korea Capped Index Fund MSCI South Korea Capped Index Fund IKO

iShares MSCI Hong Kong MSCI Hong Kong IHK

iShares MSCI Singapore MSCI Singapore ISG

iShares Russell 2000 USA Russell 2000 IRU

iShares FTSE China 25 FTSE China 25 IZZ

iShares MSCI Japan MSCI Japan IJP

iShares MSCI Emerging Markets MSCI Emerging Markets IEM

iShares S&P Global 100 S&P Global 100 IOO

iShares Core S&P 500 USA S&P 500 IVV

iShares Core S&P MidCap 400 USA S&P Midcap 400 IJH

iShares Core S&P SmallCap 600 USA S&P SmallCap 600 IJR

iShares MSCI EAFE MSCI EAFE IVE

iShares S&P Europe 350 S&P Europe 350 IEU

Vanguard All-World EX US Shares Index FTSE All World Ex-US VEU

Vanguard US Total Market Shares Index MSCI US Broad Market VTS

SPDR S&P World Ex Australia Fund S&P Developed ex Australia LargeMidCap AUD Index. WXOZ

iShares S&P Global Consumer Staples S&P Global Consumer Staples IXI

iShares S&P Global Healthcare S&P Global Healthcare IXJ

iShares S&P Global Telecommunications S&P Global Telecommunications IXP




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

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ridgey
post Posted: May 12 2013, 10:40 AM
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In Reply To: walkerjones's post @ May 11 2013, 11:58 AM

look at MFF and MFG for US share exposure. I hold both and they have been rip snorters this year and will continue with AUD dropping

 

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Share Cafe Sentifi Top themes and market attention on:


flower
post Posted: May 11 2013, 02:09 PM
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In Reply To: walkerjones's post @ May 11 2013, 11:58 AM

QUOTE
Neither of our online brokers (Westpac and Commbank) will accept us as new clients for overseas purchases because we acting on behalf of our SMSF


Have no experience of directly investing in the US but do have in China etc. As far as I know you would need to find a full charge broker who is experienced in this, one of the drawbacks with China before the recent forex agreement was the multitude of forex transactions that had to take place, another is the minimum amount of dollars you intend to invest in each company, brokers who will do this for you certainly will charge you "appropriately" .

Investing long term OS the costs involved may not be a deterrent, but for trading it is those on costs that kill it. As far as I understand investing via a SMSF didn't present a problem, but from memory all trustees have to complete all the copious paperwork instead of as is normal only one trustee being needed to activate investments/trades for a SMSF.



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Combining Fundamental comments with Fundamental charts.
 
Guest_walkerjones_*
post Posted: May 11 2013, 11:58 AM
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Hi

My wife and I are trustees of our self managed super fund (SMSF) and we are looking to invest long term in a number of US shares and an East Asian Index fund. Neither of our online brokers (Westpac and Commbank) will accept us as new clients for overseas purchases because we acting on behalf of our SMSF. One broker told me that this was due to US regulator changes but the details were a bit vague.

Is there alternative method of making these purchases from Australia.
Ta

WJ


 
jacsar
post Posted: Apr 6 2013, 04:51 PM
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In Reply To: wolverine's post @ Apr 6 2013, 04:48 PM

Keep up to date for free and save time in endless speculation.... http://www.superguide.com.au/newsletter/su...UB0cGcuY29tLmF1 ..cheers


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wolverine
post Posted: Apr 6 2013, 04:48 PM
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In Reply To: lgrif's post @ Apr 6 2013, 04:20 PM

Spot on lgrif, keep it simple and fair.

How about everyone pays tax at marginal rates just like it used to be before the pork barreling took place?



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TOO MANY CHIEFS

NOT ENOUGH INDIANS
 
 


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