ok, i'll add my 20c. i don't disagree with any of the suggestions offered so far, but when discussing admin fees vs the amount of capital in an smsf then there's an important factor that i don't think has been raised here and that's the difference in capital gains tax rates. you've got another 30 years+ of managing your super and this could be an important factor.
on the top tax bracket you're paying 47% (less 50% for investments held for more than a year). labour are threatening to reduce the 50% discount.
within super, i think that the capital gains tax rate is 15% and 10% for investments held for more than a year.
consider adding some of your other capital to an smsf balance as a non-deductible contribution with an aim to drive it up over the next couple of decades with additional contributions and hopefully some successful investing. under this week's super rules you can take that up to 1.6m (3.2 for a couple). if you hit that early, before you're ready or able to retire, then the excess should continue to accumulate quicker than investments outside super because of the favourable tax treatment. you should be able to pull any excess out at the time of retirement with minimal or zero tax (today's rules).
i think you're on the right track and not that far away from going down the smsf path considering you have other (non-super) capital. as has been raised early, start with training wheels - use a broker and/or a combination of managed funds/reits/etc as well direct assets.
i'm not suggesting that you throw everything including the kitchen sink into super from the age of 34. i am suggesting that you factor in capital gains tax rates and use the difference to your advantage as you build it up over multiple decades. the politicians have proven that they cannot be trusted, so don't plan on today's rules being there when you retire but take advantage of the benefits that are there. also remember that investment income outside super starts currently with a zero tax rate up to about 18k/annum of income so having another few hundred k (each if you're a couple) invested outside super currently makes sense at retirement if possible (god knows what it'll look like when you retire though).
