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Is your Superannuation getting value from its fees?

 

In a number of our earlier insights we have posed the question “are you getting value for the fees you pay?” Why do we continue to focus on value…more often than not, we see new clients having no idea of the actual fees they are paying.  In many cases these clients are paying 1% of their fund’s balance to an advisor they have never even met!

 

In our Insight “Further research supports negative impact of higher fees on retirement savings” (dated 11 July 2014), we suggested a couple of points to consider that could assist you in determining whether you are getting bang for your buck.

 

Has anyone discussed the opportunities to add to your superannuation balance throughout the year?

Each year you should have the opportunity to discuss strategies on how to maximise your contributions into your fund. It is also important that you have these discussions in a timely fashion…there is no point in having a great strategy if you do not have the chance to execute it!

 

Has your retirement balance increased or decreased, and more importantly, do you know why? 

Being informed of what is happening with your superannuation enables you to monitor your investment strategy and make adjustments if required.

 

There are a number of factors that can affect your balance, including but not limited to:

  • levels of contributions;   
  • extra pension payments;   
  • downturn in financial markets;   

  • investment strategies that are very conservative or aggressive; and   
  • hidden fees (that reduce your balance, or decrease income from investments).

 

Some are easy to identify, some may require a little more digging. Having contact with someone who can explain what factors have impacted your fund’s performance can assist you in modifying your strategy to maximise your eventual retirement balance.

Contact Details

t: +61 2 9377 0766       

f: +61 2 9377 0788


e: info@isuper.com.au

Office Address:
8/234-242 George St, Sydney 2000

Postal Address:
GPO Box 3759, Sydney NSW 2001

t: +61 2 9377 0766       

f: +61 2 9377 0788


e: info@isuper.com.au

 

Office Address:
8/234-242 George St, Sydney 2000

 

Postal Address:
GPO Box 3759, Sydney NSW 2001