Don’t be fooled by the Industry Fund sales and marketing machine into believing that all Industry Super funds are created equally. They most certainly are not!
It is a very big job to analyse them all and we have not done that but we have looked at a number of them for the most expensive ones we could find in both super and pension.
We have decided not to name the most expensive industry super and industry pension accounts we found, but you can be assured they are very expensive by our standards.
For a “Balanced” fund with $50,000 invested as per their published PDS’s, from a total cost perspective the most expensive industry account we found for either super or pension was $1,115 p.a. (2.23% p.a.) which seems very expensive to us!! The Industry Super funds might boast about admin fees of around $1.50 per week but their admin fees for pension accounts can be much higher and when combined with the underlying investment fees for some Industry Funds, the total costs can be very high indeed.
HOT TIP: As the heading suggests, don’t be fooled by industry fund sales and marketing into thinking that all Industry Funds are created equally. The need for honest and practical financial advice has never been greater, so if you are over 50, contact The Financial Advice Shop without delay to see if we can assist with a cost effective Financial Advice Health Check to ensure you better understand all of your future superannuation contribution and investment options.
ABOUT THE FINANCIAL ADVICE SHOP: We are a leading, independent and experienced provider of strategic financial planning solutions for the over 50’s with a specific focus on cost effective investment options.
Disclaimer: information current at time of publication but is subject to change without notice so accuracy is not guaranteed.
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