Q: I am 74 and my wife and I have investments valued at about $10 million, mostly in an SMSF. I make all the investment decisions and do the administration while our accountant provides advice on taxation matters. We are considering options if our accountant retires, or I am no longer willing or able to manage the investments.

We could engage a wealth manager to take responsibility for all aspects of accounting, investment and administration and are attracted to this option. But wealth managers seem to have high costs, including expensive advisers, and we are not convinced they will deliver the superior investment returns necessary to offset the costs. A cheaper alternative may be to have an accountant undertake the administration and placing all the investments in a single (or two or three) funds with low fees. We are sure there are other options as well and would appreciate any thoughts. John