Good and insightfull discussion Werner. Just a few things, I do not know what your setup at home is, but looking at a worst case scenario where you suddenly pass away. Would your widow and kids be better off if your accumulated savings were in a RA or a self managed portfolio? RA's are tax efficient and in my opinion will leave your loved ones in a better position if you die, because they are not going to pick up the portfolio where you left off. Best bet in my book is to have a RA upto the tax threshold which is about 15% of your income IIRC, leave that as the stable low risk investment and then have a portfolio with which you can take higher risks and even outperform the RA.
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