SuperRatings executive director Kirby Rappell said consumers did not need to “go it alone” when working out how best to structure their retirement assets for the current market circumstances, as they could access the advice provided by their super fund.
“Most funds will offer scaled advice for free or at a low cost, with members able to get advice on topics such as contributions, investment options, insurance in the fund and the transition to retirement,” Mr Rappell said.
“For members who want more tailored advice, some funds will offer comprehensive advice that will also take into account your financial assets outside of superannuation.”
With new restrictions in place around the deduction of advice fees from super accounts, Mr Rappell added that consumers should “check any costs and how they can be paid before agreeing to get the advice”.
The comments came as SuperRatings data revealed that fund members with a balance of $100,000 who had switched to cash at the start of COVID-related volatility in March last year would now be $22,000-27,000 worse off than if they had remained in a balanced or growth option.
The statistics also revealed that an average $100,000 balance invested in a growth option over the last 15 years would have generated a current balance of $254,006, and a current balance of $247,557 when invested in a balanced option.
Both average balanced and growth options had returned 1.3 per cent in July alone, according to SuperRatings data.
Yes, it is important that a handful of the members obtain advice at the expense of all the others (who never receive any but pay ongoing advice costs without informed consent or opt in). Lol What a scam.
SuperRatings is a marketing agency for the union funds. They are not a credible researcher. No surprise they are pushing intra fund advice, which is the union funds’ fee for no service scam.
Is answering whether people should move their super into cash or not really scaled advice? How can you answer that without knowing where they are at? If it is 80% of their net worth and they are near retirement, possibly yes. Otherwise possibly no but how would the scaly adviser know?
The advice is not free or low-cost – the cost is shared among all members.
It’s not scaled advice but it is considered to be general and scaled advise by those pushing for it as the solution to all of financial planning’s woes. Basically vested interested who have no ethics because they haven’t done an ethics exam, unlike me
can intra fund advice take into account the boarder effects of their advice…..
Intra Fund advice helps retain product – who cares about “the effects of their advice..”.
Wow.
Self interested much Kirby? You are a rating agency, not a very good one at that. Better to keep your nose out of advice. Its not free if everyone pays for it for a start. I hope all advisers with stuper rating subscriptions cancel them, they don’t compare on true asset allocations just names so are useless anyway.