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Face-to-face advice still number one
Public sector employees still opt for face-to-face when it comes to initial meetings with a financial planner, despite the rise of technology-based solutions, State Super research shows.
Four in five surveyed employees of the public sector said face-to-face was their preferred method, according to State Super Financial Services' report, which scoped the opinions of more than 2500 workers.
However, after that initial consultation, almost half (47 per cent) said they were happy to continue the professional relationship via phone or the internet.
The survey reflected the importance of planners establishing trust and rapport at the onset, State Super Financial Services general manager of financial planning, Sean Bradley.
He said lack of knowledge and experience, as well as uncertainty about legislation, stood as clear barriers to public sector employees seeking advice.
"Half of those surveyed said having a financial plan in place would give them greater confidence, however, we know that significantly fewer seek advice," Bradley said.
"Like all employees, those in the public sector will benefit from advice the earlier they seek and receive it. However, it's important in so doing they seek it from a financial planner who is understands their special superannuation environment."
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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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