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.
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.
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.
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.