17th March FINSIA
Peter Horsfield from SMART Financial Advice says in his experience women tend to establish an SMSF after attaining a large sum in their employer super or industry super fund from an event like a redundancy or retirement.
Read our full interview with Peter about his experience, with women, their money and how they are beating men at managing their own SMSF's.
They can also be thrust into the management of an SMSF due to a relationship breakdown or, as previously discussed, the death of their partner.
“I have found women approach SMSF trustee responsibilities differently. While men are mostly focused on accumulation, women focus more on the management, complying documentation and administrative tasks of owning and operating an SMSF. This approach makes women better SMSF trustees than the opposite sex,” he argues.
In terms of the difference in the investing styles between women and men, Horsfield says the majority of men establishing an SMSF have a clear focus on accumulation. They are looking for opportunities to leverage their superannuation funds to purchase assets and direct money so their SMSF outperforms retail and industry fund managers.
“The majority of women approach investments more cautiously and conservatively. They tend to be more open to the advice of professionals and ask more specific questions about their situation, thereby taking a more consultative approach to forming their investment strategies and styles,” he says.
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