28 April 2015
New consumer superannuation advice services fact sheet
The Association of Superannuation Funds of Australia (ASFA) has released a new fact sheet designed to help guide superannuation (super) fund members through the different levels and types of financial advice available about their superannuation. The fact sheet is available via the independent Super Guru website, www.superguru.com.au, which aims to help consumers understand and maximise their super.
ASFA CEO Ms Pauline Vamos says many people don’t know that their fund may offer different types of advice and some are available at a low cost or free of charge. We want people to feel confident that they can approach their superannuation provider for assistance in relation to their super.
“Superannuation can be confusing, so it’s important people have access to information and advice to help them understand their accounts, and make decisions about their savings. The services available can range from simple guidance on their superannuation account to full personal financial and retirement advice. Some of these services are low cost, or may even be provided with no direct fee.
“For young people, getting general advice or information about their account can help boost their understanding of superannuation, making it easier for them to make decisions down the track. Or those nearing retirement may benefit from comprehensive personal advice to help plan their finances for their post-work years.
“The earlier you take control of your future finances, the better. But most people do not understand that there are different types of financial advice and the different types have different legal frameworks which means the level of disclosure and inquiry into personal circumstances is different. So pick up the phone and call your super provider to find out what services they have to help you tweak your super so it can deliver the best outcome in retirement,” Ms Vamos concluded.
Types of advice available in super
General financial product advice
This is basic advice about a person’s existing interest in their fund (also known as their superannuation account). It does not take into account their individual circumstances, but instead provides general information to help them make simple decisions. It may be provided via phone, email, through the internet or face to face.
Intra-fund advice
This service provides people with basic personal advice about their existing superannuation account only.
Comprehensive personal financial product advice
For advice on all financial product, investment and retirement matters a financial planner can provide comprehensive personal advice.
You can download a copy of the fact sheet on the Super Guru website.
For further information, please contact:
Katrina Horrobin: GM – Member Strategy, Communications & Brand, 0451 949 300.
About ASFA
ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral, and non-party political national organisation, which aims to advance effective retirement outcomes for members of funds through research, advocacy and the development of policy and industry best practice.
