Saving for retirement is essential if you want to be comfortable in your twilight years.

For this reason, many people head to financial services firms for help with managing their money.

A self-managed super fund (SMSF) is a good option, but some financial services firms are not equipped to handle these on their own.

If you are in the financial services industry and you need help, but you’re sceptical about outsourcing, here are 5 common misconceptions and the truth behind them.

1. You Will Have No Control

This is not the case at all. Just because someone is handling everything on your behalf, this does not mean that you relinquish all control to them.

It is your business reputation that is on the line, so it is ultimately your decision when it comes to deciding how things should be done.

The point of outsourcing is to have assistance when it comes to understanding all of your options and making decisions that are in your best interest.

2. Everyone Gets The Same Advice

Personalisation is something that is the key when it comes to outsourcing your accounting to others.

Since every client’s needs are not the same, it is the responsibility of the person who handles your account to offer you financial advice that is fitting for your particular situation.

Even if you have done thorough research on this type of thing, it helps to have as much information as possible.

Those who handle accounts on behalf of others are typically experts in this field.

This means they are able to offer insights you would not get while trying to figure things out on your own.

3. Smaller Firms Cannot Outsource

While you may not be at the helm of the largest companies in the industry, this does not mean that you can’t reach out and ask for help.

There are many small and moderately sized businesses who have used outsourcing to their advantage, so you should feel more than welcome to do the same.

In addition to the fact that the companies you outsource to will be more than willing to assist, they will also make it a point to treat you just as well as they treat the larger corporations they work for.

4. Saving Money Is The Only Benefit Of Outsourcing

Yes. It is likely you will save money as you will not have to devote an entire department of your company to handle this type of task.

With that said, there are other reasons to add this to your to-do list.

One of the best reasons is the fact that having someone else take care of this aspect of your business means that you will not have to spend time training someone how to do it.

It is also important to note that outsourcing firms are already staffed with experts who are willing to help.

This means that you will not have to wait to find the right person to get started. Your project can be handled right away.

5. Security Breaches Are Common

When you contract with an outside firm, there are agreements that need to be signed that will ensure you that they will keep your information safe.

Any breach of this can leave them open to financial and legal ramifications.

Doing your homework and finding a reputable firm means that you will not have things like this to worry about.

If you have people who rely on you to manage their finances and SMSF accounts are beyond your general scope of work, then it is a good idea to rely on an outsourcing firm for help.

This will ensure that your client gets the assistance they need from someone who knows the ins and outs better than you do.

If you are looking to establish a Self Managed Super Fund, or need to have your Self Managed Super Fund audited, then look no further than SMSF Pro.

SMSF Pro has years of expertise in the Self Managed Super Fund arena and is able to conduct quick and independent SMSF audits for a flat fee.

Please call us today on 1300 023 374 or message us through our website https://smsf-auditor.com.au/contact/ for all your Self Managed Super Fund requirements.