The Optimisation of Personal Super
The nation’s balance invested in super amounts to $3.5 trillion and growing.
When Paul Keating introduced the compulsory super in 1992, an industry sprang up to manage the ongoing creation of the asset. However, when you look at its history, it would appear that no one has been able to grasp how to manage this system as there has been an endless stream of controversy, re-regulation and punishments handed down to the super service providers.
The majority of people with a super account do not regularly examine their current plan until retirement. Such an approach leads to negative consequences for their projected income when they retire.
Essential Attention
If you are to optimise your super as a personal asset, you must first understand how your current plan delivers to ensure you have optimised profits:
- Your choice of product.
- The cost of your chosen product, including administration fees, investment fees and insurance premiums.
- Your level of insurance cover, dependent on your occupational classification and your current situation between assets and liabilities.
- What you can afford to contribute in addition to your employer contributions.
- Understanding your chosen investment strategy and what investment returns you can expect.
While the above might seem like a sizeable list, SuperWiser can evaluate your super plan for you and inform you of any new adjustments to your plan.
As a Source of Information
SuperWiser is kept up-to-date across a range of products and provides comparable results between products to ensure accuracy. Updates to the SuperWiser product database are regularly monitored and are also subject to scrutiny by the license holder’s Compliance Manager.
SuperWiser examines the projected income in retirement that might be achieved based on cost, contribution and investment returns. MySuper investment defaults are included for all products along with portfolios that can be constructed by using the products investment choice menu. Cost is a consideration with SuperWiser considering all fees and also insurance premiums.
Depending on government regulation around contribution caps, your future projected income in retirement can be enhanced by a modest salary sacrifice over the long term rather than a salary sacrifice bulked up in the short term.
In particular, one major difference is the active management feature in which the management of every person’s individual asset is in the reconstruction of investment portfolios over a 12-24 month cycle, instead of tthe static asset allocations of every platform’s MySuper investment default.
All of the above personal wealth creation services are offered at a fraction of the price offered by financial planners. The price of the various key services from SuperWiser are $220 to join and an additional $110 for each strategic update but you only pay if you use the actual service/update.
Success or Regrets?
In life, there are successes and regrets. The decisions you make (or not make) when you manage your super fund can end up in success or regrets. Set yourself up for success by managing your superfund well.
Contact Us
Register on SuperWiser or contact us on 1800 467 467 for a chat about how you can manage your super.
SuperWiser is a client portal for personal scaled advice, owned by Super Simpler Pty Ltd, a company started by the owners of AXIS Financial Group.
Both SuperWiser and AXIS Financial Group provide personal advice under Australian Financial Services License No. 233680, as owned by AXIS Financial Group Pty Ltd.
As a provider of personal advisory services to individuals, we have been operating for almost as long as super has existed. Our interest in developing technology began in 2014 and has progressed to our current capability to present our methods through our unique client portal.
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Improved Engagement Common Mistakes Young people starting out in employment have a lot to organise and some miss setting their super account up properly. A key component is providing your tax file number to your product provider. In the past, many people had multiple accounts and even lost contact with some accounts. The Government has been active in reviewing their controls to minimise the number of people with multiple accounts and in particular with insurances in each of these accounts. Many people are not investment specialists and assume their product’s investment default is the place to be. The more you learn about investment defaults the more concerned you might become about the sustainability of their returns and also how it would have been easier to make a decision which would have improved your asset balance noticeably. There is significant publicity about the quality of advice and also the cost of said advice. Indeed the government has tightened controls around advisory fees within super and taken measures to reduce the cost of advice. Many people have endeavoured to provide their own advice, some being successful but others not. Arguably insurance becomes a more significant cost from age fifty onwards but most people do not review their need for insurance. Essentially access to the right advisory service at the right time can increase your projected income in retirement by 10 to 20%, assuming you have a reasonable time horizon. If you are closer to retirement and have already accumulated a sizable asset, it is more about defending the asset you have accumulated and again with the wrong exposure to growth assets you can find you lose 10 to 20% of your asset just when you were thinking of retirement. Client Portal SuperWiser is such a client portal. It is automated and is specifically tailored to provide limited advice to Australian workers and their super asset. SuperWiser has a wide reach in that it can service employer super and also employees exercising choice of fund. The product database within SuperWiser has around 40 products between employer super, personal retail and industry funds. Service Model The fee for initial registration is $220 including GST. The services delivered at this stage would assist you in understanding your asset, the establishment of your goals and objective for your asset, confirming your product and advice around contribution and investment strategies. Your record is then in a secure database and you are part of an ongoing service model. You will be proactively advised if you need to update anything from an advice perspective. Future updates on strategies affecting your balance will be around $110 including GST. Importance of Regular Super Contact If you set a defined goal for anything, you have immediately increased the likelihood of success. SuperWiser assists you in monitoring progress by giving you milestones. What Next? For your information, SuperWiser is owned and funded by Super Simpler Pty Ltd, a private company with 5 individual owners. SuperWiser has no commercial relationship with any product. |
Modern Times
In the past two years the world has become more complicated. That is somewhat of a somber start to talking about something as practical as an application designed to help you manage your super to your advantage and at a very affordable cost, but it’s quite appropriate. In difficult times, it’s a good idea to start thinking ahead to the future.
Being Pragmatic
Much of daily life goes on even if not quite the same. Most people in Australia now have some level of investment because of their super asset but many people and especially the younger employees tend to ignore such an asset and not realise that their lack of management has cost them rather dearly.
Due to the complexities of super regulation, SuperWiser takes anyone about two months to register and then proceed through the initial service. It was originally expected that SuperWiser was intended for employees under age 50 who still had time in the market to accumulate a higher projected income in retirement, say by more than 10%. However there is a realisation through SuperWiser’s presentation to market that active management of anyone’s super asset is a necessity at all ages even of someone who is pre-retirement.
Most employees have time to grow their super asset but some of us older employees have to defend what we have accumulated and a specialist service not controlled by product is required such as a digital service interface. Active management of your super asset is a must!
The Choices Presented by SuperWiser
The financial services industry is a complicated environment to find an affordable service delivering a high value to your super. The financial services industry has a bad reputation for delivering a high cost service for a low value being delivered.
SuperWiser is different as it is not a product but a service to identify the choices to be made to increase your accumulation of super wealth by making an informed choice around the options available.
The options involve a high level of skill and endeavour and yet are easily identified if you have a database of products analysed by an actuarial algorithm in full knowledge of your personal circumstances. The individual account holder cannot amass the amount of data required in deciding what best to do with their super asset. Up to date product knowledge coupled with a future looking outlook on global investment markets are but two of the skills not associated with the average worker.
SuperWiser analyses 40 super products and also advises you how to use the functions provided by the recommended product. If you are in a personal retail product or an industry fund, SuperWiser delivers product advice. Irrespective of which product you are in, SuperWiser advises on both contribution and investment strategies. SuperWiser will continue to contact you around opportunities presented through legislative changes or any variation in investment markets. SuperWiser will even advise you of amendments to be considered should a new product enter the market place with superior functionality and a lower cost.
Super Matters
Super starts with a first contribution and then more and more as the years roll on. In terms of value, as an asset it starts small but its growth can be accelerated if given the right attention.
Every asset you own does require attention and super is no different.
The Steps of the Sensible Investor
As a subject, super appears complex. Most people only know the common advertising slogans, the annual media releases on investment returns and who has been publicly criticised and punished for bad practices.
Decisions based upon the required information surely deliver an optimised result in wealth creation as opposed to basing key decisions on hearsay. In operating under an Australian Financial Services License, SuperWiser is obliged to know the product and also know their client. The development of the application has examined both these needs such that the application has up to date product knowledge and asks all the appropriate questions to understand your needs as a client.
In effect, SuperWiser has a universe of knowledge in delivering advice to every individual using such services.
The Path to Wealth
With the introduction of compulsory super, every worker under the age of 30 has the capability to manage their super asset in becoming a millionaire in today’s dollars, so today’s purchasing power, by the time they reach retirement. Anyone who has worked for twenty years already can better manage their super in the second half of their career in creating an asset above their expectations. Then again, anyone with less than 15 years to go can also better manage their asset as it is no longer just about growth but more so protecting your asset in negative markets so you do not see your asset diminish by 6 figures in one year of market turmoil.
Regular attention to what’s required to best manage your super asset is now available on a full fee for service basis. There is no percentage fees involved and no ongoing service fee with SuperWiser ensuring you are alerted whenever your super needs some attention. The choice is up to each individual to decide if they want assistance at that time or want to wait till next time.
Rich people pay attention to their wealth while we all work to achieve a simple life style. Super enables dreams but you must best understand how to manage from here.
Contact Us
The easiest way to understand SuperWiser is to look at the information on our website www.superwiser.com.au and have look at the video or start your free Super Review.
For your information, SuperWiser is owned by Super Simpler Pty Ltd and has no commercial relationship with any product whatsoever.
Pay Attention
It seems like a simple concept, but a lot of people miss out on the fact that you can make a lot more of your super if you just pay it some attention. Why? Usually because there’s a lot of noise and negativity around super, which can make it a little unappealing to engage with. It’s a mistake to ignore it though – with some input now, you can add an additional 20% in today’s purchasing power to your projected income in retirement.
The SuperWiser Proposition
SuperWiser has been developed by a group of people who are used to providing personal scaled advice. The people involved are not financial planners and are not intending to promote a high margin service where the value in terms of wealth creation is questionable.
SuperWiser essentially runs on a database of products and their details, which it assesses to see if there is a possibility of an improvement with your current super set up. Generally speaking, if you have been previously disengaged with your super, it is usually found that you can do better. The app will make some projection about improvement, and as you proceed through the application and provide some more personal details, we’ll be able to confirm the potential for improvement. In effect you get this information at no cost to you.
Cost Versus Value
To implement the recommendations made by SuperWiser will cost you $220. SuperWiser provides you with a system to monitor your progress against the projection over the short to medium term.
It’s important to remember that managing your super is not a one off exercise. You need to maintain your strategies as regulations change, products improve and markets are never as stable as we like. SuperWiser will do all the heavy lifting and notify you when there is something needing attention.
The Go-To Virtual Adviser
One of the best features of SuperWiser is 24/7 availability. You also do not have to look at your super constantly as SuperWiser will alert you if change is needed. You do not have to make an appointment and go anywhere and SuperWiser does not try to sell you more and more higher priced services.
SuperWiser is an affordable and available service which will initiate the attention required in optimising your asset and giving you choices when you meet the earliest condition of release (currently retiring at age 60).
What Next?
Start your free Super Review.
For your information, SuperWiser is owned and funded by Super Simpler Pty Ltd, a private company with 5 individual owners. SuperWiser has no commercial relationship with any product.