Investment Watch Autumn 2025 Outlook
Investment Watch is a quarterly publication for insights in equity and economic strategy. US President Donald Trump’s “liberation day” tariffs have rattled global markets. Since the pronouncement, most global indices have been down by over 10%.
Investment Watch is a quarterly publication produced by Morgans that delves into key insights for equity and economic strategy.
This publication covers
Economics - Tariffs and uncertainty: Charting a course in global trade
Asset Allocation - Look beyond the usual places for alpha
Equity Strategy - Broadening our portfolio exposure
Fixed Interest - A step forward for corporate bond reform
Banks - Post results season volatility
Industrials - Volatility creates opportunities
Resources and Energy - Trade war blunts near term sentiment
Technology - Opportunities emerging
Consumer discretionary - Encouraging medium-term signs
Telco - A cautious eye on competitive intensity
Travel - Demand trends still solid
Property - An improving Cycle
US President Donald Trump’s “liberation day” tariffs have rattled global markets. Since the pronouncement, most global indices have been down by over 10%. The scope and magnitude of the tariffs are more severe than we, and the market, expected. These are emotional times for investors, but for those with a long-term perspective, we believe short-term market volatility is a distraction that is better off ignored.
While the market could be in for a bumpy ride over the next few months, patience, a well-thought-out strategy, and the ability to look through market turbulence are key to unlocking performance during such unusual times. This quarter, we cover the economic implications of the announced tariffs and how this shapes our asset allocation decisions. We also provide an outlook for the key sectors of the Australian market and where we see the best tactical opportunities.
Morgans clients receive exclusive insights such as access to our latest Investment Watch publication. Contact us today to begin your journey with Morgans.

It's never too early to start planning for retirement. Now is the time to start thinking about wealth preservation.
Areas of concern
The major issues facing retirees can be summarised as:
- longevity - "how long will I live for, and will my capital last?"
- inflation - "will my money be able to retain its spending power"
- income - "from where will my income be sourced?"
Longevity
Our life expectancies are increasing over time. This trend is rapidly rising due to the amazing amount of medical breakthroughs we are experiencing, as well as our increased knowledge on better living through diet and exercise.
The problem is that as we live for a longer period of time we also need to support ourselves for longer in retirement. There are no guarantees on how long our assets will last.
Inflation
The second most important issue is whether our capital can keep pace with inflation. High-inflationary periods can erode capital over time if we have not allowed for sufficient exposure to growth assets. Having a large allocation to cash can actually be detrimental to an investment portfolio over the longer term.
To keep pace with cost of living increases over time, therefore, it is imperative an investment portfolio has some exposure to growth-type assets (such as Australian and international shares, and property). Just how much exposure will depend on each individual's aversion to risk.
Income
The three main sources of income in retirement are:
- superannuation – in the form of a pension income stream and/or lump sum withdrawals.
- non-superannuation assets - in the form of returns from shares, property, cash and fixed interest.
- Centrelink - that is, age pension benefits
The capital required to provide the income from these sources (excluding Centrelink) will vary depending on how much you need in retirement, your age at retirement and how long you think you will need the funds to last.
How long you continue to derive income from your saved capital will depend on how much you spend each year – and how much you actually "spend" could be different to what you had "planned".
Of course, Centrelink is there to supplement your other income if your financial position qualifies you for a full or part age pension payment. However, there should be an attempt in your retirement planning to minimise dependency on Centrelink benefits. This mitigates any regulatory risk in relation to potential Government policy changes in the future.
Retirement portfolio strategies
How can you maximise your income and capital position? Consider the following tips.
For defensive assets
- During market uncertainty try to hold at least three years of income payments in cash, preferably in a higher yielding account. This should provide ample time to reflect on current markets and to ensure you do not need to draw down on capital to fund superannuation pension payments. It avoids having to sell down assets in low market periods.
- Within the 3 year cash allocation, consider having two years of payments in short term money market investments. These pay slightly higher rates than normal "at call" cash accounts.
- Maintain diversification of income assets with some potential for growth. There are a number of quality fixed interest investments available that pay reasonable income with some equity characteristics but without the same degree of risk.
- Try to draw down from defensive assets if extra funds are needed. Your aim is to preserve capital so if you need additional funds to cover larger lump sum expenses draw from your defensive assets where possible.
For growth assets
- Maintain your growth assets for at least five to seven years without accessing them. Your objective here is to achieve reasonable growth to manage longevity issues.
- Maintain a good spread of growth assets. Diversification across various sectors is the key to minimising capital losses during volatile periods.
- Consider some capital protection strategies if required.
- Take advantage of shares that offer franking credits. The pension phase in super is a tax free environment, which means franking credits are fully refunded back into the account. The long term compounding benefits of this to your account balance can be significant.
- Review your portfolio and rebalance regularly as required to ensure your desired asset allocation is maintained. This is the best way to ensure your portfolio continues to meet your objectives for risk and return.
Investing
Asset allocation
Successful asset allocation means achieving your objectives with the least possible risk. To do this you need to understand the behaviour of asset classes and products.
Establishing an asset allocation that is consistent with your goals and risk tolerance should be your top priority.
Borrowing to invest
Due to the long-term nature and inherent risks of borrowing, it may not be an appropriate strategy if you are already in retirement.
However, most investors in this age group understand market conditions more, and have experienced the ups and downs that come with share markets. They are therefore more inclined to take a little more risk with their investment dollars.
Borrowing to invest is not without risk and when markets fall it is very important you keep in touch with your adviser so that you can both manage your loans as effectively as possible.
Risk profiles can change over time
Getting your investment risk profile right is very important. When you meet with your adviser, he or she will generally discuss your attitude towards investing and how much risk you think you can tolerate. A risk profile questionnaire helps determine this.
However, remember that your risk profile may change over time particularly as you near retirement. Your investment outlook could change from growth to more income-type investments. This is why it is important to re-assess your position on a regular basis.
Understanding the risk/return trade-off for the various asset sectors is very important. That is, the greater the returns, the greater the risk you take; and vice versa. Everyone wants nirvana – where risk is low and returns are high – but this is near impossible to achieve.
Putting risk/return trade-off into more perspective, defensive assets such as cash and fixed interest pay relatively good income, but have no growth and therefore low risk. Shares on the other hand have high potential for capital growth and so the risk factor is also higher.
Debt management
At this stage of your life, most of your personal debt – your mortgage, personal loans, credit cards – would be under control or even eliminated.
For those who still have a mortgage or other personal debt, now is the time to pay it out. Or at least manage your debt within your retirement savings strategy.
With the changes to superannuation rules, many people are reconsidering the traditional strategy of using available cash to repay their debt as soon as possible. Instead, they are converting the debt to interest-only and using the freed up cash to contribute to their superannuation account.
At retirement, a lump sum benefit is withdrawn - tax free if over age 60 - which is then used to retire the debt completely. This can be a very effective method for some.
However, before you consider this strategy it is very important you seek advice from your financial adviser, who will work out whether this is the best plan for your circumstances. In some instances it may still be better to stick with tradition and concentrate on repaying your debt sooner.
Wealth protection
In these later years, with your debts paid off, your main focus tends to be on health and having adequate income.
If something happened unexpectedly, the main concern would be day to day living expenses and medical costs during recovery. Making major changes after illness, such as home modifications, may also be a financial outlay that would need to be covered.
Your options
Trauma and TPD cover remains a priority for retirees as the lump sum benefit can help if you have been diagnosed with a critical illness. This lump sum could be used to make alterations to your residence or car, and to cover medical or remedial costs.
Life cover can supplement superannuation benefits or other income for a non-working spouse in the event of a death of the primary income earner.
Circumstances change with your stages of life so you should talk to an adviser about what product and features suit your needs.
Centrelink issues
Centrelink benefits are available for eligible seniors who have retired or are about to retire. Eligibility is based on two tests – the Incomes Test and the Assets Test. Your financial position (combined if a couple) is taken into account for these two tests, and eligibility for benefit payments is determined by the outcome of these tests.
We recommend you visit the ‘Retirement years' on the Services Australia website. This page is a very useful guide to help individuals understand income support, what additional services and supplements are available and how you can make a claim. It also discusses residential aged care for those who are looking at their options for retirement homes..
Estate planning
Estate planning is an area that can be easily neglected. Individuals often overlook the importance of having an up to date Will and Powers of Attorney.
Estate planning focuses on wealth preservation and wealth transfer so regardless of whether times are good or bad, your objective should still be to distribute your wealth to your nominated beneficiaries in the most effective way.
As well as your Will and Powers of Attorney, you should also be thinking about:
- Superannuation does not automatically come under the scope of your Will unless specifically nominating your Estate as the beneficiary. For this reason you need to establish additional nominations for your superannuation.
- Business succession planning - if you have a business you should have a business succession plan in place.

Shares represent your part ownership (or share) in a business.
Companies can raise money to finance their business by 'going public'. Going public means being listed on a stock exchange and issuing shares to investors.
By paying for the shares, each investor buys part ownership of the company's business and becomes a shareholder in the company.
The money that a company raises in this way is called equity capital. Unlike debt capital which is borrowed money, equity capital does not need to be repaid as it represents continuous ownership of the company.
In return for investing in the company, shareholders can receive dividends and other benefits. A dividend is the distribution of a company's net profit to shareholders.
Shares that have been issued to investors by a listed company can be sold to other investors on the sharemarket. You make a profit when you sell your shares for more than you paid for them.
Buying and selling shares
Your adviser can buy and sell existing shares on your instruction on any business day on one of the recognised Australian securities exchanges (ASX or Cboe).
Orders to buy and sell shares are entered into a computerised trading system by your broking firm (e.g. Morgans). Buy and sell orders are matched by price in the order they were entered into the system.
That way, every order is processed by price and on a first in, first served basis. Larger orders do not have any priority. A trade occurs whenever a buy order is matched with a sell order.
Trades are settled on the second business day after the trade takes place. This means ownership of the shares and related payments between the buyer's broker and the seller's broker are transferred on that day.
All Australian listed shares are registered electronically on either the Clearing House Electronic Sub-register System (CHESS) operated by a subsidiary of the ASX Group, on behalf of listed companies, or on the companies' own sub-registers.
New shares
Alternatively, you can buy new shares that are issued by companies from time to time by applying to participate in a float or initial public offering (IPO). Shares you buy through an IPO are registered as Issuer Sponsored Holdings. The price of shares issued in a float is generally specified in the prospectus.
If you wish to buy shares in the float, you should first review the prospectus then fill out the attached application form specifying the number of shares you wish to buy and lodge it with your adviser before the application deadline.
Once new shares are issued and listed on a recognised Australian securities exchange, they may trade at a market price substantially different from the issue price (either higher or lower). This is due to supply and demand for the shares in the company.
Share performance
Sharemarket indices represent the overall performance of companies listed on a stock exchange. Investors can use these indices to track how an investment is performing by watching its share price.
The key sharemarket indices in Australia are the Standard & Poor's (S&P)/Australian Securities Exchange (ASX) indices.
These include the All Ordinaries Index (All Ords), which is a market capitalisation index comprising the 500 largest companies listed on the Australian Stock Exchange, and segments of the ASX, called:
- S&P/ASX20 – Top 20 stocks
- S&P/ASX50 – Top 50 stocks
- S&P/ASX100 – Top 100 stocks
- S&P/ASX200 – Top 200 stocks
- S&P/ASX300 – Top 300 stocks
Another way to track your shares' performance is to calculate the dividend yield from your portfolio on an annual or more regular basis. This can be a more reliable measure because share prices rise and fall on a daily basis, whereas dividend income is usually much steadier and often grows over time.
Risk and benefits
Capital growth
As a longterm investment, shares have the potential to provide better returns after tax than any other major investment. However, past performance is no guarantee of future returns.
Although share values have risen over the long-term, this has been punctuated with periods of short-term volatility, where prices can go up or down very quickly. For this reason, it is usually important to adopt a medium to longterm investment view of five years or more.
Dividend income
Another benefit of being a shareholder is dividend income, although dividend yields vary greatly from company to company.
Companies trying to grow their business might provide a low dividend yield (perhaps 2-4%) while other, more established companies might provide a higher dividend yield (potentially between 6-8%).
Tax benefits
Shareholders have to pay Capital Gains Tax on any net capital gains made by selling shares; however, their income tax liability can be offset through dividends they receive with franking credits.
Franking credits pass on the value of any tax that a company has already paid on its profits. A company can pay a fully franked dividend if it has paid full corporate tax on the profits distributed as dividends. A partly franked dividend would be paid if the balance of the franking account was not sufficient to pay a fully franked dividend. An unfranked dividend is declared where there is nothing in the franking account.
A company will advise shareholders of the status of the dividend at the time of payment. If you receive franked dividends, you must declare both the cash amount and any franking credits as assessable income in your tax return. Then you can apply the franking credit amount to reduce your income tax liability.
Risks
Share prices of any company, even a blue chip, are always subject to change. Some investors fall into the trap of putting all their money into one asset class – usually at its peak, and then watch as another asset class takes off without them. It is important to have a number of different shares in your portfolio to reduce the risk inherent in share investing.

In your twenties it can be difficult to think about issues affecting your financial future like superannuation and retirement.
However good planning and financial discipline now is important for your financial security - whether it's buying your first car, travelling overseas or saving for a house deposit.
Budgets
Establishing a budget and sticking to it is the best way to manage your day-to-day living costs. It helps to ensure you always have funds available to meet your regular expenses, such as rent, phone, electricity, groceries, fuel, car insurance, registration, for example.
Step 1: Write down your net (after tax) income and then list your regular outgoing expenses. This is your basic cashflow system - that is, inflow less outflow equals net cashflow. Doing this will help you determine what surplus cash you may have left over which can be put towards a dedicated savings plan.
Step 2: Work out how much you can save on a regular basis (each week, fortnight or month), and how long it will take you to reach a specific goal. Organise for this money to be debited directly from a nominated bank account into a chosen investment strategy so it makes saving that much easier.
If you don't have surplus funds left over after the bills are paid, use your budget to review what outgoing expenses you are paying and determine whether these can be reduced. Simple methods include:
- Consolidating debt
- Making your lunch instead of buying it
- Shopping around for better insurance rates and credit card interest rates
Regular savings plans
Regular savings plans enable you to invest any surplus income you may have while still allowing you access to funds if required.
You generally make an arrangement with a fund manager to invest an initial lump sum followed by regular investment instalments; the most common instalment period being monthly.
Minimum monthly investments usually start at $100. You can nominate your own amount above this according to what you can afford to save.
This monthly payment is then invested on your behalf by the fund manager in the same manner as the initial investment.
Debt management
If you have a credit card – as many people in their twenties do - you need to be able to effectively manage the debt on these cards. It is so easy to get into financial trouble using credit cards
We recommend you:
- Choose the appropriate credit card limit for your income. Students and low income earners who do not pay off the card each month should choose a budget card with low interest rates. Interest rates can vary from 7% to 24%, so shop around for a budget card.
- Meet your minimum monthly payment, or better still, clear the balance to avoid higher interest rates or excess penalty fees. Meeting the minimum monthly repayment won't clear your debt - ever - so try to repay as much as you can over the minimum limit to reduce the outstanding balance.
- Don't accept offers from the credit card providers to increase your credit limit. This is the next step to financial disaster. Stick to a limit you can manage.
- Never use your credit card for investment purposes. If you want to start investing there are far more appropriate investment loans, where the interest is not only lower but also tax deductible.
Superannuation
Superannuation is a savings vehicle where the main purpose is to provide funds in retirement.
If planned well, you can enjoy a comfortable lifestyle throughout retirement without having to rely too heavily on government pensions.
Funds are built up via contributions over your working life and you can increase these contributions at any given stage.
Even though retirement may be a long way off if you're in your twenties, it is still important to understand the role superannuation will play in your future financial security.
Contribution options
Superannuation Guarantee Contributions: Your employer is obliged to make contributions of 11% of your salary to superannuation on your behalf.
You may be eligible to request your employer to direct these contributions into your own nominated superannuation fund. This depends on the type of award or industrial agreement that you are employed under.
Government co-contributions: If you are a low or middle-income earner, you can take advantage of the super co-contribution payment by making eligible personal super contributions to your super fund. The government will then match up to $1,000 of your personal super contributions ($500 from 1 July 2012).
Wealth Protection
Accidents and illness are often the last thing on your mind when you're in your twenties, and the idea of protecting your wealth against these can seem a little over the top.
You may not have a mortgage or dependants, but personal loans for credit cards, holidays, cars and HECS or HELP are still financial commitments, as is paying rent.
Personal insurance allows you and your family to cope with these obligations should anything happen to you.
Income protection
Income protection will provide replacement income if you are unable to work due to illness or injury. It will help you continue to meet your financial commitments and daily living expenses, such as rent, food, bills, and loan repayments.
Life cover
Life cover provides your beneficiaries with a lump sum that can be used to clear any debt you may have, should your assets not be sufficient to clear it.
Seek advice before choosing your cover because there are many different personal insurance products on the market. You need to think about everything from insurance levels to ownership structures and funding arrangements.

Our best ideas are those that we think offer the highest risk-adjusted returns over a 12-month timeframe supported by a higher-than-average level of confidence. They are our most preferred sector exposures.
Additions: This month we add Superloop (ASX:SLC).
Removals: This month we remove Mineral Resources (ASX:MIN).
Large cap best ideas
Treasury Wine Estates (ASX:TWE)
It may take some time for the market to digest TWE’s acquisition of Paso Robles luxury wine business, DAOU Vineyards (DAOU) for US$900m (A$1.4bn) given it required a large capital raising. The acquisition is in line with TWE’s premiumisation and growth strategy and will strengthen a key gap in Treasury Americas (TA) portfolio. Importantly, DAOU has generated solid earnings growth and is a high margin business. It consequently allowed TWE to upgrade its margins targets. While not without risk given the size of this transaction, if TWE delivers on its investment case, there is material upside to our valuation. The key near-term share price catalyst is if China removes the tariffs on Australian wine imports.
CSL Limited (ASX:CSL)
While shares have struggled of late, we continue to view CSL as a key portfolio holding and sector pick, offering double-digit recovery in earnings growth as plasma collections increase, new products get approved and influenza vaccine uptake increases around ongoing concerns about respiratory viruses, with shares trading at 25x, a substantial discount (20%) to its long-term average.
ResMed Inc (ASX:RMD)
While weight loss drugs have grabbed headlines and investor attention, we see these products having little impact on the large, underserved sleep disorder breathing market, and do not view them as category killers. Although quarters are likely to remain volatile, nothing changes our view that the company remains well placed and uniquely positioned as it builds a patient-centric, connected-care digital platform that addresses the main pinch points across the healthcare value chain.
QBE Insurance Group (ASX:QBE)
With strong rate increases still flowing through QBE's insurance book, and further cost-out benefits to come, we expect QBE's earnings profile to improve strongly over the next few years. The stock also has a robust balance sheet and remains relatively inexpensive overall trading on 8x FY24F PE.
South32 (ASX:S32)
S32 has transformed its portfolio by divesting South African thermal coal and acquiring an interest in Chile copper, substantially boosting group earnings quality, as well as S32's risk and ESG profile. Unlike its peers amongst ASX-listed large-cap miners, S32 is not exposed to iron ore. Instead offering a highly diversified portfolio of base metals and metallurgical coal (with most of these metals enjoying solid price strength). We see attractive long-term value potential in S32 from de-risking of its growth portfolio, the potential for further portfolio changes, and an earnings-linked dividend policy.
Pilbara Minerals (ASX:PLS)
We view PLS as a fundamentally strong and globally significant hard-rock lithium miner. The company has successfully executed on ramping up the expansion of Pilgangoora, while progressing plans to expand output (P680 and P1000). Supported by a strong balance sheet, with net cash at ~A$2.1bn at the end of December, PLS’ expansion plans remain uniquely undeterred by the significant weakness in lithium prices. For PLS, the best form of defence against lithium prices is to stay on the attack, with its medium-term plans to continue expanding its production aimed primarily at building greater economies of scale and a more defensive margin.
Woodside Energy (ASX:WDS)
A tier 1 upstream oil and gas operator with high-quality earnings that we see as likely to continue pursuing an opportunistic acquisition strategy. WDS’s share price has been under pressure in recent months from a combination of oil price volatility and approval issues at Scarborough, its key offshore growth project. With both of those factors now having moderated, with the pullback in oil prices moderating and work at Scarborough back underway, we see now as a good time to add to positions. Increasing our conviction in our call is the progress WDS is making through the current capex phase, while maintaining a healthy balance sheet and healthy dividend profile. WDS still has to address long-term issues in its fundamentals (such as declining production from key projects NWS/Pluto), but will still generate substantial high-quality earnings for years to come.
Morgans clients can download our full list of Best Ideas, including our mid-cap and small-cap key stock picks.

Investing is a personal issue and individual needs vary greatly. Any investment decision should be based on rational and logical reasoning as to what you need and hope to achieve.
Determine your investment objectives
The first thing you should do before making an investment is to determine your investment objectives. To determine this, ask yourself the following questions:
- How much money do I have available to invest?
- What do I want to achieve from the investment?
- Over what period?
- What risks am I prepared to take to achieve this?
- What rate of return do I require from the investment?
- What other investments do I have that should be considered as part of my overall strategy?
Risk and returns
The balance between investment risk and investment return is particularly important. Your risk/return profile needs to be determined, in conjunction with your adviser, to determine an appropriate investment strategy that meets your objectives.
Risk
Risk is the chance that the return from an investment will be significantly different from what you expected. There is an element of risk in every type of investment and it can show up in various ways:
- There is a risk that you may not get the earnings (or return) you expected from your investment
- There is a risk that you may lose some or all of your capital
- There is a risk that changes in the value of money, due to inflation, mean that you are not compensated adequately for your investment
- It is important to determine the degree of risk which is acceptable to you and have your adviser match it with appropriate types of investments.
Return
Some investments promise a fixed rate of return (such as fixed interest investments) while others have a variable rate of return (shares). Return can also come in the form of income (via interest or dividends) or capital gain (realised when an investment is sold for a profit), both of which have different tax implications.
Your needs or preference for types of returns will determine the type of investments selected.
Finding a balance
Risk and return are directly related. Higher risk investments often produce higher returns (or higher losses). Lower risk investments may mean lower returns. It is often quite difficult, if not impossible, to produce high returns with low risk.
The balance between risk and return will form the basis of your investment strategy.
Investment strategy
Diversification is a fundamental principle of wise investment and is a key element of your ability to reduce risk while achieving suitable returns.
Investors have a better chance of achieving consistent performance over the medium to long term by spreading their investments across a range of asset classes including cash, fixed interest, shares and property, and by having exposure to local and international markets.
The exposure levels to each of these asset classes will be determined by your investment objectives and risk/return profile. Your needs may change over time so it will be important to regularly monitor and update your investment strategy to account for these changes.
Your investment choices
There are four main classes of assets in which you can invest:
Cash
Cash covers deposits with banks, building societies and credit unions, and overnight market investments. Cash has the advantage of being relatively secure and easily accessible. Inflation has an adverse impact on its value.
Income investments
In a basic sense, income investments involve lending money to a financial institution or company. In return, you receive regular interest payments for the term of the loan. Returns are usually higher than cash and fairly predictable. Most fixed interest products are reasonably secure but vary depending on the issuer and terms. In addition to the traditional range of securities, there is a growing pool of new and innovative investments to consider.
Shares
Shares represent your part ownership (or share) in a business which can be traded on the Australian Stock Exchange. Capital and income usually rises with inflation. Liquidity (ability to trade the shares) is usually good and gains are historically superior over the longer term. Volatility can affect returns over shorter time frames.
Property
Property investments are in real estate whether it be residential, commercial, retail or industrial properties. Property can be held directly or indirectly through a listed or unlisted property trust. Capital and income usually rises with inflation. Liquidity can be an issue and direct property often requires more maintenance than other types of investments.
Do you want to invest directly or indirectly?
Investing directly has the advantage of control, but the disadvantage of requiring hands-on management. Buying units in an investment trust (often called a managed fund) is an indirect way of making investments in shares, property, fixed interest or cash.
Investing indirectly enables you to achieve diversification more easily by pooling your funds with other investors and using the expertise of a professional manager to make investment decisions. The disadvantages are that fees may be higher than investing directly as they are ongoing rather than one off. The returns are also largely dependant on the skills of the fund’s management team which can be difficult to measure, except on an historical basis.
Investors can also choose to invest directly in some areas while using managed funds in more specialist investments such as overseas shares.
Do you want to be geared or ungeared?
If investment monies are borrowed, in whole or part, the investment is geared. By borrowing funds to invest, you considerably increase the risk associated with your investment but also increase your profit potential when returns are positive.
Gearing can be a very successful investment strategy but needs to be carefully considered as to whether it is appropriate for your needs.
Managing your investments
A somewhat cumbersome but essential part of investing is the collection of all of your investment documentation, such as share trades, dividends or interest payments.
Many investors are time poor or have no wish to administer their investment portfolio and deal with all the paperwork.
Morgans has created a service that takes the hassle out of investing by collecting and recording all of your investment documentation. This service, called Wealth+, also provides you with regular reports to help you monitor your portfolio valuation and forecast income.

An SMSF is a personal or family superannuation fund that is managed by the members of the fund, who are also the trustees.
They can tailor their own investment strategies and select specific assets such as listed securities, managed investments, cash and term deposits, international equities, instalment warrants and so on.
Generally an SMSF has the following features:
- a personal or family super fund with no more than 6 members
- each member of the fund is a trustee
- no member of the fund is an employee of another member of the fund, unless those members are related
- no trustee of the fund receives remuneration for his or her services as a trustee
- the SMSF must have a written Trust Deed and Investment Strategy that meets all members' objectives
Advantages of SMSFs
- greater investment choice – direct and indirect investing
- greater control over investment strategies
- access to investment gearing opportunities not available in retail super funds
- cost effective over long term
- offers preferable tax arrangements
- allows you to look after your family
How an SMSF works
As the flow diagram below illustrates, the trustees of an SMSF are responsible for the operation of the fund, including; establishing the fund’s trust deed, arranging the ongoing administration/audit of the fund, managing the investments, receiving member contributions, paying member benefits, and reviewing the member's insurance policies. Life insurance polices may be tax deductible if certain criteria are met.

Is an SMSF right for you?
There is no doubt there are advantages to SMSFs, however you need to consider if an SMSF is appropriate for you. In trying to answer this question, consider these four questions:
- Is the fund strictly for retirement benefits?
- Do you have the time to manage your own fund?
- Will the benefit be worth the cost?
- How will switching to an SMSF affect your current superannuation benefits?
We have a number of services to assist with setting up and administering your SMSF. Contact your adviser or nearest office for an obligation-free discussion.