Pete Wargent blogspot

Co-founder & CEO of AllenWargent property advisory & buyer's agents, offices in Brisbane (Riverside) & Sydney (Martin Place) - clients include hedge funds, resi funds, & private investors.

4 x finance/investment author - 'Get a Financial Grip: a simple plan for financial freedom’ (2012) rated Top 10 finance books by Money Magazine & Dymocks.

"Unfortunately so much commentary is self-serving or sensationalist. Pete Wargent shines through with his clear, sober & dispassionate analysis of the housing market, which is so valuable. Pete drills into the facts & unlocks the details that others gloss over in their rush to get a headline. On housing Pete is a must read, must follow - he is one of the better property analysts in Australia" - Stephen Koukoulas, MD of Market Economics, former Senior Economics Adviser to Prime Minister Gillard.

"Pete Wargent is one of Australia's brightest financial minds - a must-follow for articulate, accurate & in-depth analysis." - David Scutt, Business Insider, leading Australian market analyst.

"I've been investing for over 40 years & read nearly every investment book ever written yet I still learned new concepts in his books. Pete Wargent is one of Australia's finest young financial commentators." - Michael Yardney, Australia's leading property expert, Amazon #1 best-selling author.

"The most knowledgeable person on Aussie real estate markets - Pete's work is great, loads of good data and charts, the most comprehensive analyst I follow in Australia. If you follow Australia, follow Pete Wargent" - Jonathan Tepper, Variant Perception, Global Macroeconomic Research, and author of the New York Times bestsellers 'End Game' and 'Code Red'.

"Pete's daily analysis is unputdownable" - Dr. Chris Caton, Chief Economist, BT Financial.

Invest in Sydney/Brisbane property markets, or for media/public speaking requests, email

Tuesday, 12 June 2012

Rolling over super funds

Do you remember how easy it was to sign up for a superannuation (pension) fund?

A nice glossy brochure, a bit of small print to skim over about fees and other unimportant stuff...then tick a box and off you go!

The fund managers seemed to be deducting their fees within 30 seconds of receiving the paperwork. Probably even before that, come to think of it!

Rolling over funds to self-manage your super

Of course, fund managers don't want you to leave. Their life is all about maximising their AUM (Assets Under Management).

They deduct fees as a percentage of your balance managed, so they want you to keep every last cent with them.

And they will make it as hard as they can to stop you transferring your funds elsewhere.

When I switched to self-managing my superannuation, I endured the whole gamut of excuses.

I rolled across four separate super funds in to an SMSF (Self-Managed Superannuation Fund) - I do like to make things difficult for's how I got on:

How I fared

Fund 1 - complained that my certified ID wasn't signed by a suitably qualified person (a 20-year-post-qualified CPA). Released the funds a the 2nd time of asking after 6 months;

Fund 2 - claimed that they never received my certified ID. Rather odd, as the other funds all did! Released funds at the 2nd time of asking after around 4 months;

Fund 3 - after 6 months, advised that they had posted me a cheque, but it "bounced in the mail back to them". Most odd!;

Fund 4 - my favourite: after 7 months, advised that they didn't receive a certified trust deed and certification of compliance document (!).

In the interim their systems had changed, though, and now they didn't actually need these things, but as the original application was now 7 months old, the rollover forms were too old and had to be completed again...

Unbelievable, really.


Fund managers will do absolutely anything to stop you leaving. Don't give up! It's only a bit of paperwork...and it's your money!