As an SMSF trustee, you are responsible for making all investment decisions for your fund. SMSFs also have legal administrative obligations that require you to maintain records, provide financial statements, complete a tax return and organise an independent audit.Some risks may include:You are personally liable for all of the fund’s decisions — even if you get help from a professional, or if another member made the decision.Your investments may not bring the returns you expect.You are responsible for managing the fund even if your circumstances change — for example, if you lose your job.There may be a negative impact on your SMSF if there is a relationship breakdown between members, or if a member dies or becomes ill.If you lose money through theft or fraud, you won’t have access to any special compensation schemes or to the Australian Financial Complaints Authority (AFCA).You could lose insurance if you’re moving from an industry or retail super fund to an SMSF.