Self-managed super funds now hold more than $1 trillion in assets, yet many Australians still aren't sure how they work or whether they could be an option worth considering.

On this episode of the Friends With Money podcast, Money's Tom Watson is joined by Marisa Broome, certified financial planner and principal of wealthadvice.com.au, to explain the mechanics, benefits and risks of self-managed super funds (SMSFs).

00:00 Introduction

01:45 What an SMSF is and how it differs from retail and industry funds

03:25 Why fees and asset allocation matter

05:00 Why people choose SMSFs

06:20 Who SMSFs are best suited to (and who should avoid them)

08:45 How much money you should have before starting an SMSF

10:00 The practical steps involved in setting up a fund

15:00 Why investors should do their homework before setting up an SMSF

16:15 Conclusion

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