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Comparing your Supers

Do you know how much your superannuation fees are, what you are paying for, and how your savings are invested?

Ed and Sara's story*

Background

Over the course of many years, we have provided advice to clients about the ongoing cost of their investments, and consolidation of superannuation accounts. The availability and competitiveness of administration platforms (wrap accounts, Master trusts) has resulted in a lowering of fees and improved services.

Take Ed and Sara* for instance. Both aged in their late 40's, they had been good savers, and between them they had approximately $1.15 million invested in several superannuation accounts. They had some concerns about investment performance, their expectations were for better performance than they had been achieving.

Result

We recommended that Ed and Sara consolidate their respective superannuation investments within one particular administration platform, and this resulted in total ongoing fee savings of $6,403 in the first year. The services offered by each provider were very similar; the major difference being their new provider offered family fee aggregation.

As part of our review of their situation, we found that they were both invested more conservatively than our risk profile assessment revealed. We recommended that they both change their current conservative risk profile to a more growth oriented profile.

The superannuation investment world is constantly changing and we recommend all investors regularly review their risk profile, and review the services provided and the fees charged by their superannuation provider.

 

* Names have been changed to protect client privacy.

What to do next?

If you want to make the most of your money in the best years of your life?

Contact us today on 03 8394 0300, or email us at mfmadvice@hillross.com.au to maximise your Superanuation benefits and reduce fees.

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