2016 Self Managed Super Fund: Investor Survey

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1 Highlights from the Report released: April 2016 Reproduction strictly prohibited Copyright 2016 Investment Trends Pty Ltd. Highlights from the 2016 SMSF. Reproduction prohibited Investment Trends 1

2 Thank you I would like to thank all the survey respondents who participated in our 2016 Self Managed Super Fund: in February and March. Your input to our report provides valuable feedback to our clients (fund managers, SMSF admin providers, the industry regulator etc.) on your experience with having an SMSF, the challenges you face and where opportunities to help you with managing your SMSF exist. These highlights gather some of the most interesting results from our SMSF investor research. We have also included some key results from our latest investor sentiment tracking to give you an up to date snapshot of SMSF investors confidence and share market return expectations. We hope you find the insights in this pack as fascinating as we did. Many thanks, Mark Johnston Founder & Executive Chairman Investment Trends Suite 2102, Goldfields House 1 Alfred Street SYDNEY NSW 2000 Australia 2016 Investment Trends 2

3 Table of contents Methodology & scope 4 Trends in super fund assets 5 Trends in number of SMSFs 6 Time spent on managing SMSFs 7 Challenges in managing their SMSF 8 Trends in concern levels 9 SMSFs investment concerns 10 Trends in SMSFs capital growth expectations 11 SMSFs self-assessed return 12 Number of shares held by SMSFs 13 SMSF share portfolio allocation 14 Future SMSF investment selection 15 Continuity of SMSFs 16 Borrowing within SMSFs 17 About Investment Trends Investment Trends 3

4 Methodology & scope The March Investor Report is based on a detailed online survey of self managed super fund (SMSF) members (trustees) conducted between February and March The survey focused on SMSFs use of financial advisers, administration providers, their investment approach, goals and behaviours. A total of 3,531 valid responses to the survey were received after data cleaning and de-duplication. The maximum sampling error (centre of range) at the 95% confidence interval for this sample is +/-1.6%. Note that analysis of smaller subgroups will have a higher sampling error Investment Trends 4

5 Trends in super fund assets According to APRA, SMSF assets grew by 6% to $595bn in the year to December 2015 According to the APRA Quarterly Superannuation Performance Report, SMSFs retained the largest proportion (29%, $595bn) of super fund assets, followed by retail super funds (26%, $540bn) and industry super funds (22%, $446bn). The SMSF sector has continued to grow over the 12 months to December 2015, with total SMSF assets increasing by 6% ($32bn). After outpacing the growth of SMSFs over the preceding two years, APRA-regulated super funds grew at a similar pace over the year to December 2015 (6%, $85bn) to $1.4trn. According to APRA, SMSF assets increased by just 6% ($32bn) to $595bn in the year to December After outpacing SMSFs over the past two years, APRA-regulated funds grew at a similar rate in the year to December 2015 Super fund assets (Source: APRA Quarterly Superannuation Performance Report) 700 SMSFs 600 $ billion Jun-95 Dec-95 Jun-96 Dec-96 Jun-97 Dec-97 Jun-98 Dec-98 Jun-99 Dec-99 Jun-00 Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03 Dec-03 Jun-04 Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Copyright 2016 Investment Trends Pty Ltd. Highlights from the 2016 SMSF. Reproduction prohibited Investment Trends 5 Retail Industry (retrospectively reclassified) Public sector (retrospectively reclassified) Corporate 2

6 Trends in number of SMSFs The number of SMSFs reached 567,000 in December 2015 The number of SMSFs continued to grow over 2015, reaching 567,000 in December 2015, up from 541,000 in December This represents a 4.8% annualised (net) SMSF establishment rate (up from 4.5% in 2014), but remains below the longer term average of 5.9%. SMSFs pathway to establishment has evolved in recent years with word of mouth and the media playing increasingly important roles in initiating SMSF establishment. Advisers still play a significant role in initiating SMSF establishment, with 32% of SMSFs saying they were established following a recommendation from their accountant, and a further 13% due to advice they received from a planner. APRA reports there were 567k SMSFs as of December 2015, up 5% over the year Number of SMSFs (Source: APRA Quarterly Superannuation Performance Report) 302k 315k 341k Jun-06 Sep-06 Dec-06 Mar-07 Jun k 367k 382k Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec k 428k 414k 403k 393k 474k 458k Copyright 2016 Investment Trends Pty Ltd. Highlights from the 2016 SMSF. Reproduction prohibited. 517k 525k 503k 493k Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun k 552k 541k Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec Investment Trends 6 3

7 Time spent on managing SMSFs SMSFs are spending more time managing their fund SMSFs typically spend 8.2 hours per month managing their fund (up from 7.4 hours in 2015 and 6.3 in 2014). They are spending more time on ongoing monitoring/reporting (2.2 hours, up from 1.8 in 2015 and 1.4 in 2014). In light of the current market environment of heightened share market volatility, SMSFs are also spending more time selecting/research investments for their fund (3.3 hours, up from 3.2 in 2015 and 2.8 in 2014). SMSFs who use a planner typically spend less time managing their SMSF (6.3 hours) compared to SMSFs who use other advisers. Those using a tax agent, auditor and those who do everything themselves typically spend the most time managing their SMSF. SMSFs are spending more time managing their fund, particularly the tasks around ongoing monitoring/reporting Q29 Roughly, how much time (per month) do you currently spend on running your SMSF in the following areas? Average number per month among SMSFs Keeping updated with legislative regulations Selecting/researching specific investments Ongoing monitoring/reporting Administration & paperwork 2014 [n=1067] 2015 [n=951] 2016 [n=2403] Copyright 2016 Investment Trends Pty Ltd. Highlights from the 2016 SMSF. Reproduction prohibited Investment Trends 7

8 Challenges in managing their SMSF SMSFs most commonly cite investment selection among the hardest aspects of running their SMSF Four out of five SMSFs say there are aspects of managing their SMSF which can be difficult. Investment selection is the top cited difficulty in managing an SMSF, with one in three SMSFs (34%) citing this, while 20% say lack of time to research investments is a challenge they face when running their SMSF. With ongoing regulatory changes to the superannuation industry, keeping track of and understanding the changes to rules & regulations are also commonly cited challenges for SMSFs (cited by 21% and 19% of SMSFs respectively). Paperwork and administration has been receding as a challenge in recent years as technological advancements have made this process easier. 34% of SMSFs find choosing investments for their SMSF to be a difficult aspect in managing their SMSF Q28 What are the hardest aspects of running your SMSF? (Multiple responses permitted) Among SMSFs [n=2408] ( Top 5 shown) Choosing what to invest in 34% Keeping track of changes in rules & regulations 21% Paperwork and administration 20% Finding time to research investments 20% Understanding changes to rules & regulations 19% Copyright 2016 Investment Trends Pty Ltd. Highlights from the 2016 SMSF. Reproduction prohibited Investment Trends 8

9 Trends in concern levels SMSFs concern level reached a 40-month high in February 2016 SMSFs concern level deteriorated throughout most of 2015 and the first quarter of 2016 as the All Ordinaries Index fell by 10% over this period. Concern levels reached a 40-month high (6.7, out of 10) in February 2016 (when this survey was conducted). SMSFs concern levels deteriorated throughout most of 2015 and Q1 2016, reaching a 40-month high in February 2016 (when the survey was conducted) SMSFs' concern level with the situation in the financial markets vs All Ordinaries Index Among SMSFs Average concern level (10=Extremely concerned, 0=Not concerned at all) Apr-08 Jul-08 All Ordinaries Index (RHS) Source: Investment Trends Investor Intentions Index Copyright 2016 Investment Trends Pty Ltd. Highlights from the 2016 SMSF. Reproduction prohibited Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul Average concern level (out of 10, LHS) Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Last study 6.7 5, , , This study Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 6,500 6,000 5,500 3,500 3,000 All Ordinaries Index Investment Trends 9

10 SMSFs investment concerns SMSFs are increasingly concerned about share market volatility, debt levels and the European & US economies When thinking about their investments, SMSFs are most concerned about a slowdown in China (53%, down from 54% in 2015), the Australian economy (52%, down from 57%) and the threat of another market crash (48%, steady). SMSFs are increasingly concerned about the domestic and global environment. Twice as many SMSFs say they are concerned about share market volatility compared to 2015 (47%, up from 24%). Australian debt levels (43%, up from 38%), the European economy (32%, up from 23%) and the US economy (28%, up from 18%) are also growing concerns among SMSFs. Compared to April 2015, SMSFs are growing increasingly concerned about share market volatility, debt levels, European economy and US economy Q7 What are you most concerned about in relation to your investments? (Multiple responses permitted) Among SMSFs 0% 10% 20% 30% 40% 50% 60% 70% China slowdown Australian economy Another global financial crisis/market crash Share market volatility Australian debt level Global debt levels 33% European economy 32% US economy 28% Changes in resource value 23% Exchange rates/value of AUD 21% Interest rates 18% Impact of regulatory changes 18% A military conflict 15% Property prices 12% Inflation 8% Other 5% Source: Investment Trends Investor Intentions Index Copyright 2016 Investment Trends Pty Ltd. Highlights from the 2016 SMSF. Reproduction prohibited. 53% 52% 48% 47% 43% Apr 2015 [n=340] Apr 2016 [n=79] Investment Trends 10

11 Trends in SMSFs capital growth expectations SMSFs capital growth expectations from the Australian stock market fell through the year to February 2016 Each month, we ask SMSF investors to express their market return expectations (excluding dividends) from the Australian equities market for the next 12 months. SMSFs investors market return expectations continued to decline over the 12 months to April 2016, reaching a four-year low in January 2016 (2%). On average, SMSFs expect a 3% growth in the stock market in the coming 12 months (excluding dividends), which is quite bearish. SMSFs market return expectations fell to 2% in January 2016 (a four-year low), and continued to languish at a low level in February and March 2016 (when the survey was conducted) SMSFs' stock market expectations for the next 12 months vs All Ordinaries Index Among SMSFs 14% All Ordinaries Index (weekly close) Average return expectation for next 12 months (excluding dividends) 6,200 Last study This study Average return expectation (next 12 months, excl. dividends) 12% 11% 10% 8% 6% 4% 2% 0% Dec-09 Feb-10 Apr-10 7% 7% 3% 3% Copyright 2016 Investment Trends Pty Ltd. Highlights from the 2016 SMSF. Reproduction prohibited. 5% 1% Jun-10 Aug-10 Oct-10 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 5% 5% 4% 3% 3% Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 8% 7% 7% 7% 5,000 6% 6% 6% 6% 6% 6% 5% 6% 4% 4% 4% 5% 5% 5% 5% 5% 5% 4% 4,600 5% 4% 4% 4% 4% 3% 3% 2% 3% 4,200 2% 2% 2% Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 5,800 5,400 3,800 All Ordinaries Index Investment Trends 11

12 SMSFs self-assessed return SMSFs investment return (self-assessed) continued to decline SMSF trustees estimate they achieved a return of 8%, on average, from their SMSF over the last 12 months to March 2016 (down from 12% in 2015 and 14% in 2014). The All Ordinaries Index declined by 10% over this period. SMSFs self-assessed return has reached levels last seen during the volatile period in 2011 and SMSFs acknowledge their investment returns have not been as high as they had been in recent years SMSFs' self-assessed return in the last 12 months vs All Ordinaries Index Among SMSFs All Ordinaries Index (weekly close) Average self-assessed return Median self-assessed return 30% 7,000 25% 6,500 Average return expectation (next 12 months, excl. dividends) 20% 15% 10% 5% 0% -5% -10% 14% 13% 12% 12% Mar-04 Jul-04 Nov-04 Mar-05 Jul-05 Nov-05 Mar-06 18% 17% 14% 13% 10% Copyright 2016 Investment Trends Pty Ltd. Highlights from the 2016 SMSF. Reproduction prohibited. -6% -8% Jul-06 Nov-06 Mar-07 Jul-07 Nov-07 Mar-08 Jul-08 Nov-08 Mar-09 Jul-09 Nov-09 Mar-10 9% Jul-10 Time 8% 8% 7% 7% 11% 11% Nov-10 Mar-11 Jul-11 Nov-11 Mar-12 Jul-12 Nov-12 Mar-13 Jul-13 Nov-13 Mar-14 Jul-14 Nov-14 Mar-15 Jul-15 Nov-15 14% 13% 12% 12% 6,000 5,500 8% 5,000 8% 4,500 4,000 3,500 3,000 Mar-16 All Ordinaries Index Investment Trends 12

13 Number of shares held by SMSFs The average number of shares held by SMSFs has remained steady at 18 shares since 2011 On average, SMSFs held 18 shares in their portfolio in It has remained steady at 18 since % of SMSFs say they hold 5 shares or less in their SMSF, while 29% say they hold at least 20 different shares. The average number of shares held by SMSFs has remained steady at 18 shares Q74 How many different shares/companies do you currently hold in your SMSF? Among SMSFs Average % 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 19% 18% 24% 22% 25% 24% 26% 25% 27% 26% 20% 20% 18% 19% 16% 19% 21% 22% 24% 17% 18% 16% 3% 3% 19% 20% 17% 17% 5% 3% 4% 4% 3% 3% 3% 3% 3% 3% 3% 3% 4% 4% 3% 3% 3% 4% 3% 3% 4% 3% 3% 3% 4% 4% 4% 5% 4% 2010 [n=476] 2011 [n=1659] 2012 [n=1169] 2013 [n=820] 2014 [n=931] 2015 [n=797] 20% 16% 2016 [n=2529] More than fifty Twenty to fifty Sixteen to twenty Eleven to fifteen Six to ten Five Four Three Two One Copyright 2016 Investment Trends Pty Ltd. Highlights from the 2016 SMSF. Reproduction prohibited Investment Trends 13

14 SMSF share portfolio allocation SMSFs currently allocate one third (34%) of their share portfolio to bank/financial stocks SMSFs typically allocate 38% (down from 41% in 2015) of their SMSF money to direct shares (outside of managed funds). Within this, SMSFs typically allocate 34% to bank/financial stocks and a further 19% to resources/ material stocks. Only 5% (up from 4%) of their SMSFs share portfolio is allocated to international stocks. SMSFs currently allocate 34% of their share portfolio to bank/financial stocks (up from 31% in 2015) and another 19% (down from 21%) to resources/materials stocks Q75 Approximately what proportion of your share portfolio is allocated to each of the following sectors? Averages among SMSFs 100% 90% 80% 70% 60% 4% 5% 43% 42% Individual stocks listed on an overseas exchange Other Australian sectors 50% 40% 30% 21% 19% Resources/ materials stocks 20% 10% 0% 31% 34% 2015 [n=788] 2016 [n=2468] Bank/ financial stocks Copyright 2016 Investment Trends Pty Ltd. Highlights from the 2016 SMSF. Reproduction prohibited Investment Trends 14

15 Future SMSF investment selection Over the last three years, there has growing interest from SMSFs in listed and unlisted managed investments Compared to 2013, fewer SMSFs say they intend to invest in individual direct shares in the next 12 months. Specifically, fewer intend to invest in blue chip shares (55%, down from 68%) and high yielding shares (24%, down from 33%). More are planning to invest in ETFs (18%, up from 11%), managed funds (17%, up from 8%) and LICs (13%, up from 10%) in the coming 12 months. SMSFs' appetite for international exposure has been fuelling the growth of ETFs, while fewer see this as a reason for using managed funds. Instead, the intention to invest in managed funds is driven by their ability to give investors access to products and strategies they cannot easily access or replicate themselves. SMSFs appetite for actively managed funds continues to grow Q57 Which of the following do you plan to invest in over the next 12 months? (Multiple responses permitted) Among SMSFs (Top 10 shown) 0% 10% 20% 30% 40% 50% 60% 70% Blue chip shares (outside of managed funds) 55% High yielding shares 24% ETFs International shares Managed funds (actively managed) Small cap/speculative shares Term deposits LICs Bonds/Australian fixed interest Infrastructure 18% 17% 17% 16% 13% 13% 10% 8% 2013 [n=984] 2016 [n=1958] Copyright 2016 Investment Trends Pty Ltd. Highlights from the 2016 SMSF. Reproduction prohibited Investment Trends 15

16 Continuity of SMSFs Over half (54%) of SMSFs intend to keep running their SMSF until they pass away Two out of five SMSF trustees are currently retired. Among the rest, they are 11 years away from retirement, on average. It is important for trustees to consider how they will continue managing their SMSF as they grow older. Over half (54%) of SMSFs say they intend to keep managing their SMSF until they pass away. One in four intend to seek professional advice about how to manage their SMSF as they get older. Only 6% of them say they would close their SMSF and return to an APRA-regulated super fund. 26% of SMSFs say they will seek advice about how to manage their SMSF as they get older Q14 What do you intend to do with your SMSF as you get older? (Multiple responses permitted) Among SMSFs [n=2628] 0% 10% 20% 30% 40% 50% 60% 70% Keep running it until I pass away 54% Seek professional advice about this 26% Another SMSF member will keep running it 13% Let my adviser handle most of the work 9% Close the SMSF and move to another super Invest in an annuity Invest it all in a cash/term deposit account 6% 5% 3% Invest it all in a set and forget investment Other 4% I haven't thought about this 9% Copyright 2016 Investment Trends Pty Ltd. Highlights from the 2016 SMSF. Reproduction prohibited Investment Trends 16

17 Borrowing within SMSFs Fewer SMSFs are borrowing within their fund The proportion of SMSFs who use borrowing has continued to decline. 5% (down from 6% in 2015) of SMSFs currently borrow within their super. Only 7% of SMSFs say they are likely to start borrowing within their fund in the next 12 months. Four out of five SMSFs say they would be unlikely to begin borrowing within their fund in the next 12 months. Where SMSFs borrow within their fund, loans into property make up the majority (90%) of SMSFs' geared investments. SMSFs are looking to expand their use of borrowing to invest in shares and managed funds over the next 12 months. Only 7% of SMSFs say they are likely to start borrowing within their SMSF in the next 12 months 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% ^New options added 42% 17% Q107 How likely are you to use borrowing within your SMSF within the next 12 months? Among SMSFs 45% 18% 3% 5% 4% 3% 42% 12% 50% 53% 61% 62% 11% 11% 19% 17% 9% 10% 18% 14% 10% 9% 8% 10% 8% 11% 11% 10% 10% 11% 6% 7% 5% 7% 7% 8% 4% 4% 4% 6% 4% 4% 4% 3% 4% 5% 7% 6% 7% 7% 7% 6% 5% J2008 [n=332] 2009 [n=326] 2010 [n=676] 2011 [n=701] 2012 [n=1107] 2013 [n=962] 2014 [n=924] Copyright 2016 Investment Trends Pty Ltd. Highlights from the 2016 SMSF. Reproduction prohibited. 70% 69% 2015 [n=873] 2016 [n=2039] Was not aware that I could borrow to invest in SMSF^ Very unlikely Somewhat unlikely Not sure/undecided Somewhat likely Very likely Previously did so, but I have since repaid my loan/s^ I'm already doing so Investment Trends 17

18 About Investment Trends Investment Trends is a specialist research organisation which provides new business insights and decision support information to many leading financial services organisations. We combine analytical rigour and strategic thinking with the most advanced market research and statistical techniques to help our clients gain a competitive advantage. Investment Trends is headed by Mark Johnston. Mark has been a leading industry analyst in the brokerage, CFD, FX and wealth management industry since Investment Trends was started in Australia and is now a multi-national research organisation servicing clients in Australia, Asia, Europe and the US. Our work is focused on helping clients answer three fundamental questions: 1. How does the market currently work? 2. How is the market evolving? 3. How do I improve business outcomes: Acquire more customers Retain more existing customers Increase revenue per customer Prioritise technology and process investments Investment Trends clients include many of the leading banks, investment platform providers, online brokers, product providers, as well as major industry regulators Investment Trends 18

19 Investment Trends Reports Investment Trends produces annual syndicated reports on a range of financial services markets. Our reports cover self-managed super funds, planner technology, alternative investments, investor needs, margin lending, planners, direct equities and trading behaviour, among other topics. Syndicated Research Reports Self Managed Super Funds Investor Report Accountant Report Planner Report Investor Needs High Net Worth Investor Report Investor Product Needs Report Financial Advice Report Direct Client Report Direct Insurance Report Superannuation Member Sentiment & Communications Report Member Engagement Report Super Fund Brand, NPS & Satisfaction Tracker Product CFD, FX, Online Broking Reports Capital Protected Products Report ETF Investor and Planner Report ETF Stockbroker Report Retirement Retirement Income Report Retirement Planner Report Margin Lending Investor Report Broker Report Planner Report Planner/ Adviser Technology Planner Technology Report Platform Report Planning Software Report Other Planner Planner Business Model Report Adviser Product & Marketing Needs Report Planner Direct Equities & Managed Accounts Report Planner Risk Report Customised Research Custom research projects (via focus groups, interviews, online surveys) Client Experience Optimisation (Satisfaction trackers) Institutional research Copyright 2016 Investment Trends Pty Ltd. Highlights from the 2016 SMSF Accountant & Planner Survey. Reproduction prohibited Investment Trends 19

20 Investment Trends Pty Ltd ABN: ACN: Suite 2102, Goldfields House 1 Alfred Street SYDNEY NSW 2000 Australia Phone: +61 (0) Fax: +61 (0) sales@investmenttrends.com.au Copyright 2016 Investment Trends Pty Limited. All rights reserved. The material in this study ( Highlights from the 2016 Self Managed Super Fund: ) contains proprietary information including copyright material and trademarks, the rights to which must be respected. Investment Trends owns the copyright in the design, selection, arrangement, production, and presentation of the Report, as well as in the material originally developed by or for Investment Trends. You may use copyright material for your personal or internal use within your business. Otherwise, and except as permitted by law, no copying, publication, modification or commercial exploitation of the Report is permitted without the prior written permission of the owner. Except for any rights under any legislation in Australia or any other relevant jurisdiction which cannot be excluded or limited, Investment Trends does not provide a warranty with the Report or give an assurance as to its accuracy or reliability. Investment Trends shall not be liable for any damages you suffer, or which are claimed against you by a third party, arising out of use of the Report Investment Trends 20

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