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.