• Australian (ASX) Stock Market Forum

Hello and welcome to Aussie Stock Forums!

To gain full access you must register. Registration is free and takes only a few seconds to complete.

Already a member? Log in here.

Esuperfund SMSF brokers

Discussion in 'Medium/Long Term Investing' started by auric, Jul 12, 2007.

  1. Bill M

    Bill M Self Funded Retiree

    Posts:
    2,000
    Likes Received:
    426
    Joined:
    Jan 4, 2008
    You are the 3rd person who has suggested this to me. I think I might just have to bite the bullet and pay the $600 and set up a company, then there will be no stress or worries for my wife. Thanks again.
     
  2. sydboy007

    sydboy007

    Posts:
    3,632
    Likes Received:
    2
    Joined:
    Dec 10, 2012
    I used ecompanies.com.au in Nov 2011 and they were around $470

    All online and everything set up within 20 minutes of me starting the process.
     
  3. sydboy007

    sydboy007

    Posts:
    3,632
    Likes Received:
    2
    Joined:
    Dec 10, 2012
    I'd say we're all now receiving letters from the ATO regarding SuperStream and the new requirement to have an electronic service address.

    Looks like esuperfund are organising this for us at no cost. Should hear from them late this month.

    http://esuperfund.com.au/learn/contributions-to-smsf/ss.html
     
  4. Pager

    Pager

    Posts:
    698
    Likes Received:
    6
    Joined:
    May 19, 2006
    I need to look at an alternative to esuperfund, not that im unhappy with them, far from it, but I cannot use IB, for whatever reason they don’t accept them as a optional broker anymore (should have opened an account when offered :cry: ) and having just closed down my family trust I was wanting to move my futures trading into my SMSF, the choices I have with esuperfund are either DMA CFD with First Prudential or direct futures with Saxo but rates on most markets are much higher than IB.

    Can anyone recommend or give feedback of other providers that have no restriction on who you use or allow IB? have found 2 that have reasonable rates but both I know nothing about apart from there websites, ones called iCare Super and the other Green Frog (links below). realise it will cost me more but happy to pay a bit extra, as will also save on brokerge

    http://www.icaresmsf.com.au/

    http://greenfrogsuper.com.au/

    Thanks
     
  5. MACD

    MACD

    Posts:
    54
    Likes Received:
    0
    Joined:
    Aug 16, 2009
    Pager, Why don't you keep the current SMSF with Esuperfund and then open a second SMSF account with a different company. This way you can get the best of both worlds, and do your IB trading with the new company.

    Just an idea.
     
  6. peter2

    peter2

    Posts:
    3,600
    Likes Received:
    5,744
    Joined:
    Jan 12, 2008
    There should be no need to pay two sets of yearly audit fees.

    Stay with ES if you're satisfied with them. Consider IB as another asset within the fund (ensure the IB activities comply with the trust deed). As ESuperfund doesn't have access to the IB account you will have to provide them any EOFY details that ESuperfund require for the audit and tax return. These details may include a statement showing account start and ending balances with deposits/withdrawals and/or an excel spreadsheet with all trades detailed. I believe you can get all these reports easily through the IB reporting system.
     
  7. Pager

    Pager

    Posts:
    698
    Likes Received:
    6
    Joined:
    May 19, 2006
    Thanks MACD, but running 2 funds doesn’t make sense, why pay for everything twice.

    Peter2, With esuperfund they restrict who you can use, i read the site last night and it says if you wish to use brokers other than on there allowed list, they can not accept you as a client anymore.

    I guess they keep there fees low as they get commission from the brokers and services you can use and TBH just about everything is covered and im happy with it, but the one arena I want to use being futures there options are limited and Saxo look like they use the IB platform anyway, there rates are about double and more on some markets!!! oh, and there Bro dont include exchange fees, so another dollar at least per contract, per side
     
  8. titl4

    titl4

    Posts:
    66
    Likes Received:
    0
    Joined:
    Apr 11, 2008
    I had the same problem a while back and ended up going to GreenFrog. Annual fees are of course higher but I at least partly offset this with better cash rates. Service is fast and effective - any queries are resolved very quickly. I am very satisfied and while IB was the reason I left ES I wouldn't consider going back even if the limited investment issues were resolved.
    Cheers ..... Alan
     
  9. aarbee

    aarbee

    Posts:
    105
    Likes Received:
    0
    Joined:
    Jun 21, 2005
    I am in the same position as pager. Fully satisfied with eSuperfund but would have to leave as they don't IB and would need to switch to IB for options trading in my SMSF account in a few months.
    Thanks for your comments on Greenfrog. Will investigate this company. Would like to invite comments from other users of Greenfrog.
    Cheers
     
  10. systematic

    systematic

    Posts:
    657
    Likes Received:
    180
    Joined:
    Sep 30, 2012
    I'm not with them but I recently had someone who went with icaresmsf say they were very happy with them.
     
  11. Pager

    Pager

    Posts:
    698
    Likes Received:
    6
    Joined:
    May 19, 2006
    Thanks for the comments so far :xyxthumbs like aarbee I would like to hear more from anyone who uses Green frog (thanks titl4 though) or iCare (thanks systematic), both seem fairly new providers to the market and there is not a lot on the net about them feedback wise, also before I hand over my Super I want to know its in the hands of people who have a good reputation, just going off there website is not enough.

    To those who have moved providers, can anyone give feedback as to how easy this is and what steps did you take, guessing that before you move you set up the new accounts but don’t fund them?, that is bank, broker etc, then you engage the new provider and give them the new details to get this done, being with esuperfund I would need to change bank accounts and broker as currently im with ANZ V2 which is not available anymore unless through esuper (and there is better out there i would rather use) and ebroking, so esuperfunds broking arm, although happy enough with them.
     
  12. Pager

    Pager

    Posts:
    698
    Likes Received:
    6
    Joined:
    May 19, 2006
  13. Pager

    Pager

    Posts:
    698
    Likes Received:
    6
    Joined:
    May 19, 2006
    Just to update :2twocents

    Did quite a bit of research, digging and making enquires.

    Esuperfund are highly recommended and if it wasn’t for the limited futures brokers they offer through there partners would stay with them.

    Will be paying more for the Admin of my fund and the audit, but on the plus side I can use anyone I want, get much better cash rates on deposits, lower brokerage on stocks and of course now be able to trade futures at low rates as well, so over a year it wont really be costing anymore or may work out to be more beneficial, there will be more paperwork and record keeping my side though and that’s one big plus from Esuperfund I will miss as they can collect all your data straight from the partners, so the tax return each year is pretty much verifying a pre populated set of documents. Then scanning and emailing dividend statements.

    DYOR and Auf Wiedersehen……………………………………….:xyxthumbs
     
  14. Sir Burr

    Sir Burr

    Posts:
    545
    Likes Received:
    149
    Joined:
    Feb 15, 2006
    I just noticed eSuper have Interactive Brokers (IB) up on their site as an optional broker choice again :D

    Curious, anyone know how long this has been the case? I know eSuper allowed it a while back and stopped it.
     
  15. Gordon7

    Gordon7

    Posts:
    52
    Likes Received:
    1
    Joined:
    Dec 27, 2014
    Sir Burr, I am with ESuperfund and only a short time ago I too noticed they had re-introduced IB as an optional broker. As a result I have just set up an account with them through ESuperfund which is in addition to another account I have with IB as an individual.

    The best part of trading with IB of course is the low commission rates compared to say CMC markets where I also have an account. They are now the same rates I pay on my individual IB account.

    I have found the platform offerings are not quite as good compared to my individual account and you will definately need to have access to live prices either through them or another source such as provided by CMC if placing a trade during the day. Same if trading or investing in US etc stocks.

    A major downside is the tedious and not so straight forward application process. Glad I have that out of the way.
     
  16. Sir Burr

    Sir Burr

    Posts:
    545
    Likes Received:
    149
    Joined:
    Feb 15, 2006
    Thanks Gordon, yes I have an individual IB account too and know the application fun!

    I mostly buy/sell in the opening auction so data is not so important. Been using eBroking so could use that for "depth" and save some brokerage costs with IB :)

    The downside I see is having a big chunk of capital with a single broker.
     
  17. Pager

    Pager

    Posts:
    698
    Likes Received:
    6
    Joined:
    May 19, 2006
    This is a bit of a bummer as I recently left esuperfund as I could not use IB for futures, but was more than happy with them despite that.

    Is there any catch to using IB though?, are there restrictions of any kind, from looking at the website it seems to imply this is for international shares, but then follow the link and it covers everything, so are Aussie shares and Futures allowed as well?, also what are the rates as when they first offered IB the brokerage was slightly higher for esuperfund clients, they then stopped offering IB, so what is it this time?

    I have since signed up with iCare Super in Melbourne, bit more than esupefund at $74 per month ($888 per year) including the audit but still pretty good and I can use whomever I want, so do get better rates on cash accounts, so will work out more or less the same with a little extra interest I earn on cash and a very slightly lower brokerage rate than ebroking.
     
  18. Sir Burr

    Sir Burr

    Posts:
    545
    Likes Received:
    149
    Joined:
    Feb 15, 2006
    Good questions Pager. I also use Saxo with eSuperfund and they are also listed under international but I just looked and can trade Aussie too.

    I followed IB's rate links and found here the commission's. 0.08% ($6min) which I think is standard IB rates, not as before where I think it was more through eSuperfund.

    Maybe Gordon can confirm :)

    Cheers.
     
  19. Gordon7

    Gordon7

    Posts:
    52
    Likes Received:
    1
    Joined:
    Dec 27, 2014
    Yes I can confirm that commission is being charged at standard IB rates.
    Whilst I was in the process of completing the application form I noticed there was a 50% markup. I queried this with ESuper who advised that they used to impose a markup but this had now been removed. I've placed one trade so far and was charged standard commission. Also simulated a number of other trades to confirm the standard rates apply over different markets and values.

    I have set myself up with permission to trade both the Australian and US share markets but there is nothing to prevent you for signing up for additional markets including futures.
     
  20. kfbcomm

    kfbcomm

    Posts:
    5
    Likes Received:
    0
    Joined:
    Apr 1, 2014
    Hi Folks,

    A newbie question here.

    Do all the brokers offered through eSuper use the same clearance terms as IB - i.e cash for closed positions is only cleared 3 days after the trade and you cannot make any more trades until that clearance is through.

    This seems to make my type of system trading unworkable as you cannot execute both parts of a trade rotation on the same day.

    I wa wondering if this restriction was true of all the brokers or is there some way of getting round it.

    Thanks for any help

    Cheers



    Kevin
     
Loading...

Share This Page