What type of people have SMSFs?

Self-managed super funds (SMSFs) are now firmly embedded in Australia’s superannuation system, so what type of people are attracted to running their own fund?

SMSFs are privately run super funds that can have between one and six members.

At last count, 1.2 million Australians were members of 653,062 SMSFs with total assets of $1.05 trillion. Perhaps you’re one of them or thinking of joining the crowd, but have you ever wondered who is choosing to run their own fund and why?

SMSF member profiles

The most common trait for those deciding to start or join an SMSF is having the motivation to choose and manage their own super investments. But there are differences in the way people go about managing their SMSF investments.

A report by CBA and the SMSF Association broke down SMSF members into the following four investor profiles:

1. The Controller: This is the most common type of SMSF member. They want to have a high degree of control over the management of their fund and investment decision-making. They may seek professional advice, but they are also confident in their own ability to manage their SMSF, especially in relation to investment decisions.
2. The Self-directed Investor: This type is less likely to seek professional advice in managing their fund or making investment decisions than a controller. They have a high level of confidence in their own abilities.
3. The Coach Seeker: Coach seekers take a moderately active role in managing their SMSF and making investment decisions. They seek professional guidance to help them, but don’t outsource completely.
4. The Outsourcer: This type of SMSF member prefers to almost totally outsource day-to-day administration of their fund and investment decision-making to professionals that they hire.

Where do SMSFs invest?

It’s clear that SMSFs are a popular choice for people who want to take control of their retirement savings. So it’s not surprising that SMSF trustees tend to be active investors.

The choice of investments made by SMSF trustees also holds a clue as to why people choose to run their own fund.

SMSF investors overwhelmingly favour direct investment in Australian shares, but they also allocate significant amounts to direct holdings in commercial and residential property, something not available to members of public offer super funds.

The 2025 Benchmark Report from SMSF administration software provider Class found that direct Australian shares were held by 59% of SMSFs that use its software, representing 28% of SMSF assets. Many more hold shares indirectly via managed funds, exchange-traded funds (ETFs) and listed investment companies and trusts.

According to the ATO, which has more comprehensive but less granular statistics, the most popular asset classes as a proportion of the $1.05 trillion in assets held by SMSFs in 2023–24 (the latest statistics available) were:

Collectables and other personal-use assets were a relatively insignificant $633 million. Crypto assets, on the other hand, are growing in popularity, although less than 1% of total assets at $3 billion. 

SMSF vital statistics

According to the latest Australian Taxation Office (ATO) statistics, the number of SMSF members and funds continues to grow steadily.

Collectively, as at June 2025, SMSFs held 24.3% of the $4.33 trillion in super assets.

Around 68% of SMSFs have two members, typically an older married couple; 25% have one member, while less than 7% have three or four members. And these percentages have been consistent for many years. In July 2021, the maximum number of members allowed in an SMSF was increased from four to six. Four years later, less than 0.3% of funds had five or six members, indicating there may not be much demand.

Age and gender distribution