POWERED BY MOMENTUM MEDIA
Super funds could be more ambitious: Levy
While stopping short of revealing any specific recommendations from the Quality of Advice Review, Michelle Levy believes superannuation funds could step up sooner rather than later.
In a speech in Sydney, she acknowledged they could be doing a lot more with their resources, and that in the process of putting together the review, her mind had “completely changed” on the role of superannuation in Australia’s financial system.
“Early on, somebody asked me whether the superannuation system we had meant that advice was more or less important. At the time, I thought maybe less important because there’s a really good default. I’ve completely changed my mind,” Levy stated.
“There are so many decisions we need to make. There’s so much uncertainty and nervousness and anxiety that people really want advice about their superannuation. Even if the default is in fact good, they don’t know that, so they need that confidence.”
Earlier this year, global consultancy KPMG had noted that immediate changes following the Review’s publication were unlikely, and that super funds could take up to three years to start giving advice.
To this news, Levy said she believed super funds could be more ambitious.
“There’s a whole lot of stuff in what I’ve proposed and some of it can be done really, really quickly,” she said.
“I’d like to think superannuation funds could be more ambitious than three years. A lot of them have a lot of resources and they could do a lot more. They could implement changes gradually so that they give more advice.”
She also noted that following the review, her worst nightmare would be that nothing changed moving forward.
AUTHOR
Rhea Nath
Rhea L Nath is a journalist on Super Review and InvestorDaily, with a focus on funds management, superannuation, and institutional investment. Previously, she covered small business and entrepreneurship news at Dynamic Business and multicultural issues at Indian Link Media Group. In 2022, she was named Young Journalist of the Year at the NSW Premier’s Multicultural Communications Awards.
Recommended for you
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.
As institutional investors grapple with shifting sentiment towards US equities and fresh uncertainty surrounding tariffs, Australia’s Aware Super is sticking to a disciplined, diversified playbook.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
