Doing it yourself
Do-it-yourself superannuation is a misnomer, because not everyone does it themselves. Instead, DIY or self-managed funds (SMSFs) rely on a range of service providers. They commonly use professionals, from accountants to administrators to financial planners, because they don’t have the skills, experience or time to do it themselves.
Finding the right professionals who know what they are doing can be challenging. Sometimes the experts end up being anything but expert.
Take the case of Dixon Advisory, one of the biggest financial advisory groups in Australia. Founded by Daryl Dixon and later run by his son, Alan Dixon, who was CEO, the Canberra-headquartered firm looked after 4700 SMSFs. It was the fourth largest superannuation advisory firm in Australia. But it all went horribly wrong when Dixon Advisory branched out into running its own investments, recommending clients place their retirement savings into them. One of the funds,
