Superannuation Review and Comparison
Whether you’re starting out, at the height of your career or prepping for retirement, it’s always a good time to start thinking about your financial future. We work hard for our income, so it’s imperative that your funds are maximised to their fullest extent, for now, and later in life.
Conducting reviews and comparisons is a valuable practice for making informed decisions across various aspects of life. By researching, gathering information, evaluating options, and considering your needs and priorities, you can assess the features, benefits, and value of different products, services, or investments.
Never reviewed your super? You could be heading for regret
- Are all superannuation funds the same?
- Still putting off reviewing your super?
- The Australian Productivity Commission 2019 Inquiry into Superannuation found that members should be empowered to choose their own super product from a ‘best in show’ shortlist, set by a competitive and independent process. Read the report here
Then you likely have been defaulted into a standard investment product. Many super funds make it easy for employers to set up default investments for their employees. It’s an efficient system for your employer.
A default fund is a standard investment. This can put you in the dark. With a default setup, you are unlikely to know how your money is invested or where you are on track for at retirement. According to the productivity commission report of 2019, and the AFCA report which named and shamed 13 super funds, those default setups often come with low returns, fees for no service, and a myriad of other deficiencies. The sooner you look into this the bigger of a difference it will make for you and your future. The alternative is to ignore it and just hope for the best.
Created for workers of a specific industry. For example, construction is usually CBUS, retail is usually Rest, and hospitality is usually Host Plus. Therefore, a construction company owner of age 39, foreman of age 51, and new hire at the construction company of age 19, are often defaulted into the same investment. This logic is not consistent with the best interest duty obligation of our partner financial advisers, because you are not the same person as everyone else who works in your industry, and therefore should not be invested the same.
Contact FirstPoint to have a chat about your superannuation.
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operations@fppartners.com.au
Office
Level 9, 82 Elizabeth Street, Sydney, NSW, 2000
