It is a fact that over the last 5 years investment costs in superannuation have reduced considerably but for many investors those fee savings have not been passed on. In some instances, the larger financial planning businesses have been moving clients into in-house superannuation products to protect their commissions and profits, and as a result fee savings are not passed on to investors.
In what has been an impulsive rush to Industry Funds, it should not be forgotten that all Industry Funds are not created equally and many very competitive retail options are now available. If you investigate this issue thoroughly you will find that Industry Fund fees vary very significantly and it is surprising to many that the cost of pension accounts can be significantly higher than superannuation accounts.
It is also a fact that superannuation legislation has changed significantly over the last 5 years and many of the strategies of the past are not the right strategies for the future.
The best way to tackle these issues is to seek a second opinion from someone who has the knowledge and experience to understand all of the issues and guide you through them. As part of that discussion you may well be provided with an insight into some financial planning strategies that could make a real difference and improve your financial situation.
With all of this complexity, isn’t it great to know that The Financial Advice Shop has expertise available to help you make sense of all this and can provide assistance where required. If you, or someone you know, might benefit from a Financial Advice Health Check or a second opinion on your current superannuation and financial planning strategy, contact us without delay.
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