Personalised advice at an individual account level is rare for the super industry. Most product providers operate more like call centres dispensing general advice and answering questions rather than providing members with personalised financial advice around product, contributions, and investment, and this often means that members see their retirement savings underperform by 20% or more.
The choices you make around your super fund, contributions, and investment strategies are paramount if you are hoping to maximise your retirement balance and enjoy more financial freedom in your retirement. It’s hard to find good, comprehensive information on super funds to properly compare them however, and it’s equally difficult to formulate goals around yoursuper and properly track its performance to ensure that your super choice is still the right one for you.
There are a number of common mistakes that cost most people more than they realise:
- Not setting medium and long term goals for your super.
- Multiple accounts.
- Multiple insurance policies.
- Not reading your annual statement.
- Not examining the performance of your main asset against other options.
- Not talking to someone who delivers affordable advice.
Personal Scaled Advice
Where product providers do deliver service at individual level, they tend to target prospects for their financial planning operations, a much higher margin service than personal scaled advice.
Personal scaled advice means an authorised representative will examine just your super and provide advice. Product providers would see such a service as high on cost and low on margin. Not their preferred commercial strategy.
Where you have a database of popular products detailing aspects of their cost structure and also their potential to outperform other like products, it becomes mathematically possible to analyse what your super will become over time and therefore what your projected income in retirement might be if you make some informed decisions.
SuperWiser does all of that for you, from initial analysis through to implementation of all recommendations made. Considering the complexities around super, this is no mean feat.
SuperWiser directs you to open a MyGov account which can then be linked to your super. This means you will see any lost super you have and you will be able to consolidate your super into the product recommended by SuperWiser. Without the help of SuperWiser, you would be aiming blind in terms of what product is right for you.
Most people are beginning to realise the value presented by MyGov, partly through the recent release of super allowed as a consequence of the current pandemic.
Monitoring Super Progress
SuperWiser enables medium term monitoring of super by informing you at what age you should achieve your next uplift in value of the next hundred thousand dollars. Super is not a park and forget asset at any time. Super should be monitored and reviewed as frequently as once a year with someone that has expertise in the industry.
This is known as active servicing, with SuperWiser able to service a bulk individual market at a remarkably affordable price of $220 (inc GST) for implementation.
Start by completing a free Super Review. If you have questions call 1800 467 467.