Media Release

New report shows intra-fund advice is low-cost and appropriate: ASFA

18 March 2014

New report shows intra-fund advice is low-cost and appropriate: ASFA

The Association of Superannuation Funds of Australia (ASFA) today released a new report demonstrating that intra-fund advice is provided at a relatively low cost per member per year.

The report found that the median cost for intra-fund advice equates to $2.81 per member per year, with an average per member per year cost of $9.65. The bulk of the cost of scaled advice (87 per cent) is covered by general administration fees charged to members by funds, or a combination of general administration fees and a specific fee for the service provided.

The report also found people prefer simple advice about their superannuation such as that provided by the current definition of intra-fund advice. According to research from ASIC, around one-third of fund members prefer to receive financial advice as required, as opposed to a comprehensive plan.

ASFA CEO Ms Pauline Vamos says intra-fund advice is cost effective because it is limited to the very simple end of full financial advice, and, while it does not replace full advisory services, it does enhance them.

“This report reinforces why it’s important that intra-fund advice remains available to fund members. It is an important element of our superannuation system, as it enables people to access affordable advice so they can make simple decisions about their accounts.

“Allowing funds to provide scaled intra-fund advice helps to reduce and share the cost, and allows more people to access this member service. But it must be limited, and this is why we welcomed the draft FoFA [Future of Financial Advice] legislation released last month, and applauded the Government for keeping the current definition of intra-fund advice intact.”

For a copy of the full research report, visit the reports section of the ASFA website.

For further information, please contact:

Lisa Chikarovski, Media Manager, 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.

Daniel Mulino MP

Assistant Treasurer and Minister for Financial Services

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Born in Brindisi, Italy, Daniel was a young child when he moved with his family to Australia. He grew up in Canberra and completed his first degrees – arts and law – at the ANU. He then completed a Master of Economics (University of Sydney) and a PhD in economics from Yale.

He lectured at Monash University, was an economic adviser in the Gillard government and was a Victorian MP from 2014 to 2018. As Parliamentary Secretary to the Treasurer of Victoria, Daniel helped deliver major infrastructure projects and developed innovative financing structures for community projects.

In 2018 he was preselected for the new federal seat of Fraser and became its first MP at the 2019 election, re-elected in 2022 and 2025. From 2022 to 2025, Daniel was chair of the House of Representatives’ Standing Economics Committee in which he chaired inquiries; economic dynamism, competition and business formation and insurers’ responses to 2022 major floods claims.

In 2025, he became the Assistant Treasurer and Minister for Financial Services.

In August 2022, Daniel published ‘Safety Net: The Future of Welfare in Australia’, which aims to explore the ways in which an insurance approach can improve the effectiveness of government service delivery.