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Advisers and accountants get best super outcome
People using financial advisers or accountants to enter a superannuation product are likely to be more satisfied than those going into default options, according to the latest data compiled by Roy Morgan.
The data, released in a report Superannuation and Wealth Management in Australia, found those who purchased their superannuation through an accountant were the most satisfied with 71.1 per cent, noting that most held Self Managed Superannuation Funds, while the second most satisfied group were those that purchased through a planner/adviser who works for a financial institution, with a satisfaction level of 66.3 per cent.
The Roy Morgan research said that those who were least satisfied with the investment performance of superannuation (56.4 per cent) were those who acquired the product through their employer. What is more, the research showed that employer-based superannuation was the most common channel used.
"This shows that those who have the knowledge to make an informed decision or seek professional advice, continue to be more satisfied with the performance of their superannuation," the research analysis said.
"However, the fact that the majority of people continue to rely on their employer illustrates that making financial advice more accessible to the whole population has to be a key focus for the industry in order to improve member satisfaction."
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The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
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