Issue 10: Time to review, take stock and plan ahead

NewsSMSF Insights

Issue 10: Time to review, take stock and plan ahead

Written by Name, Title, Company

Hello again and thank you for joining in once more. Again, I trust that you and family and your friends and colleagues are all well given the difficult circumstances in which we all find ourselves.

In our last instalment, while it focused on rebalancing portfolios, we also touched on the need to remain focused and not to panic as the COVID-19 emergency continues to influence financial markets. There remains a lot of uncertainty and while equity markets are trending up, with some saying technically +20% growth is a bull market, to me, it does not quite feel that way.

So, in this environment, what steps should we consider to help with recovery in our SMSF? It may be useful if I outline the steps that I’ve taken since we last spoke in terms of planning; you may wish to use these as a guide.

In this instalment, I’ll cover off on:

  • Taking stock – what shape is your SMSF or investment portfolio in post-crash
  • Cash flow – how has it been affected and how will it be affected in the future
  • Stress testing the plan – what would be the effect of a worst-case outcome

Again, this is my approach; it may be different for you, so if you need further assistance, please seek appropriate advice from a professional.

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  • Strength indicator

Ian Irvine - Guest Contributor

Ian has been a keen investor for over 40 years and can draw on his experiences from both investing on his own behalf and also having worked in financial services for more than 30 years. Over this time, he has seen many changes that impact investors’ attitudes to in what and how they invest.

He started his career in what is now referred to as fast moving consumer goods (FMCG) or grocery, working for an Australian margarine manufacturer. In 1986, he was recruited to Westpac around the time of deregulation of the sector, where he spent 10 years before taking a role at AMP and then with ASX for 14 years up to the end of 2017. He continues to be involved with ASX; working on their educational programs.

In 1996, he and his wife established their own SMSF and again the experience and lessons learned regarding managing an SMSF over the years have provided him with many insights and ideas. He enjoys sharing these with others where these are helpful and always suggest that if an investor or SMSF trustee is unsure, that they should seek appropriate advice from a licenced professional.

Ian holds a B. Com (UNSW), and lives in Sydney and enjoys travelling to and meeting investors and SMSF trustee at the educational events with which he has involvement with from time to time.