Barristers don’t have time for SMSFs

By Leanne Mezrani|26 June 2013

A Melbourne barrister has encouraged time-poor legal professionals to consider direct investing and avoid the “overwhelming” administrative burden associated with self-managed super funds (SMSFs).

Campbell Horsfall (pictured) of Owen Dixon Chambers told Lawyers Weekly that the onerous compliance requirements of an SMSF add a time-consuming task to the pile of administration that self-employed barristers juggle on a daily basis.

Advertisement
Advertisement

“[Barristers] are responsible for lodging business activity statements every quarter and managing the cash flow ... that can fluctuate wildly ... and that takes juggling and financial nous,” he said.

An SMSF trustee for 13 years, Horsfall has since taken to direct investing through a super fund. He said that legalsuper’s Direct Investment Option allows him to buy and sell shares in the market without the administrative burden of an SMSF.

SPONSORED CONTENT

“If you’re a lawyer and you’re busy you’ve only got so much time and energy to put into a SMSF, and if part of that time and energy is going into compliance, you can take your eye off the ball a bit in terms of monitoring the market.”

Horsfall warned, however, that direct investing is not suitable for all legal professionals.

“The share market is very volatile and there’s plenty of scope to lose your money if you don’t carefully monitor what’s going on,” he said, advising those who don’t have a reasonable level of financial nous or time to monitor market activity to engage a financial planner.

But those barristers who do have an interest in the share market will enjoy having control over their stock portfolio, he added.

The chief executive of legalsuper, Andrew Proebstl, said that while SMSFs are popular with some members of the legal profession, others prefer the flexibility of direct investment, including active, sometimes daily, trading and the ability to build a portfolio.

Barristers don’t have time for SMSFs
Intro image
lawyersweekly logo
The Bar

latest

Firm makes bid for BigLaw, nabs another high-profile team

Firm makes bid for BigLaw, nabs another high-profile team

Sue Kench

How far ahead should BigLaw firms be looking right now?

Why shareholder class actions so regularly settle

Why shareholder class actions so regularly settle

City of Parramatta

New justice precinct, law school under $350m proposal

FROM THE WEB
Recommended by Spike Native Network