Thursday, June 9th, 2011
Individually Managed Super Fund (SMSF) administration outsourced to India, Malaysia, Vietnam!
Some individually managed superannuation fund (SMSF) administrators are outsourcing their data-entry and processing work to places such as Malaysia, India and Vietnam where the work can be done for a fraction of the cost. Would you want intimate knowledge and management of one of your greatest assets going offshore – to people you can’t communicate with and don’t know? The potential for fraud has just become a whole lot greater. SMSF Academy director Aaron Dunn said
“Australian accounting firms are paying companies in India, Malaysia and Vietnam significantly less.’ Often not passing on the saving. Compare this with having your Fund managed under the same roof as your Adviser where you have access to question the administrator – and better understand the process and details.
If you and your adviser don’t have a working
relationship with your administrator it is unlikely you will enjoy the benefits of more complex strategies that can give your fund extra oomph and value. (see the Word from Joy)
