A striking pattern has emerged in the self-managed super fund sector: most people opening a new fund are doing it on their own. Research covering the six months to 31 December 2025 found that 80% of newly established SMSFs were set up without financial advice, with only around one in five involving an adviser. As the sector grows through 2026, that shift is reshaping how Australians engage with their retirement savings.

What the data is showing

Administration data covering roughly 30.5% of the SMSF market, or about 200,000 funds, is well placed to observe how new trustees behave. The finding that four in five recent establishments proceeded without formal advice points to a do-it-yourself movement rather than an adviser-led one.

Industry commentary has summarised the trend bluntly: the people flocking to SMSFs aren't coming via financial advisers, and aren't being promoted by accountants. People are simply finding their way to managing their own super.

That observation sits alongside broader growth. Australia now has a record of about 680,000 SMSFs and 1.24 million members, according to the latest Australian Taxation Office data for the year ended 30 June 2026, with 47,000 more funds than a year earlier.

Why more people are going it alone

Several forces appear to be at work. Lower-cost digital platforms, online brokerage and accessible administration software have made it easier to run a fund without a traditional advice relationship. Many newer trustees are also more engaged with their super and comfortable researching investments themselves.

Cost is another factor. Advice fees can be significant, and some people setting up a fund may prefer to keep expenses down, particularly where they feel confident managing listed shares or exchange-traded funds. The demographic mix reinforces this: research found Millennials and Gen X together made up 90.3% of new establishments in the same period, and these cohorts have grown up with compulsory super as a constant.

Why the no-advice trend matters for trustees

Running an SMSF without advice does not remove any of the legal responsibilities that come with it. Trustees remain personally responsible for complying with Superannuation and tax law. They must meet the sole purpose test, keep the fund's money separate from their personal money, prepare and review an Investment strategy, maintain records, and arrange an annual independent audit.

Diversification is a particular area where trustees operating alone may wish to take care. Lifecycle data shows newer funds often start heavily weighted to cash before broadening out, and building an appropriately diversified portfolio can be complex depending on individual circumstances. Compliance missteps, however unintentional, can carry consequences, which is one reason the investment strategy requirement exists.

When professional advice may help

General information is not a substitute for tailored guidance. Even trustees who prefer a hands-on approach may find that professional advice is appropriate at certain points, such as when structuring a fund, weighing contribution or pension strategies, or navigating rules that interact with individual tax positions. An accountant, licensed adviser or SMSF specialist could help clarify obligations that are easy to overlook.

The bottom line

The data suggests a clear behavioural shift: most new SMSFs are now being established without financial advice, driven by engaged, largely younger trustees using accessible digital tools. That independence brings flexibility, but it also concentrates responsibility on the trustees themselves. Whether going without advice suits any individual depends on their circumstances, confidence and the complexity of their affairs, and professional advice may be appropriate where the stakes or the rules are uncertain.