Are Super Fund fee comparisons able to be made in a way that is fair – and comparable? What is more important to you as a member of a superannuation fund: the net amount credited to your account after fees each year, or the actual amount of the fees regardless of how the fund performs?
A fair go – is Industry Super Fund advertising giving that?
What Industry Super fund advertising claims don’t compare is the actual performance of superannuation accounts where advice has been taken and implemented. There is empirical evidence that such accounts are better off after the appropriate period of accumulation under advice, but unfortunately there is no ‘hard evidence’ that this is so (because of the time-frames involved and the confidentiality issues that would be called into play). Obviously this situation suits the Industry Funds.
Various Industry Funds have for a number of years now, flooded the television airwaves with advertising showing their view of how much better off a member of one of their funds will be at retirement, than will be a member of a ‘retail public offer fund’. Apart from general scheduling, they have been placing these ads during major football and other sporting events: do you ever wonder how much these ads cost – and who is paying for it?
A number of the Industry Funds are major sponsors of football and other sporting teams: do you ever wonder how much these sponsorships cost – and who is paying for it?
Can anybody explain how members of those funds are benefiting (from a superannuation standpoint) as a consequence of these actions?
For a review of your superannuation assets (including ensuring the funds are invested according to your risk tolerance level; your contributions are adequate to meet your retirement financial goals; and on annual; review and discussion with you, the progress towards your goals are reviewed and updated), contact us to arrange an appointment with a Continuum Financial Planners Pty Ltd adviser experienced in such matters: alternatively, you can call our office on 07 3421 3456 for a suitable time.
