For anyone at a stage in life when they’re considering getting some financial advice, having a clear idea of what options are available is a good place to start.
Here, Frank Ceravolo, AustralianSuper’s National Manager Member Advice, answers frequently asked questions about financial advice and what AustralianSuper offers.
How do AustralianSuper members recognise when they need financial advice?
Often it will be some type of life event that leads a member to seek advice. It may be getting married or having a baby, changing jobs, paying off the house, having extra income to invest, saving for a specific purchase, or if you’re lucky enough, some sort of financial windfall. And of course, one of the most common events is retirement – whether it’s a planned or not.
The message is, regardless of your situation, it’s never too soon or too late to start. The best time to start planning is now!
What sort of advice can you get from AustralianSuper?
Over the years, AustralianSuper has worked hard to build a broad advice offering to members, ranging from simple online digital solutions and phone based advice through to more detailed advice through our internal financial planners and our network of accredited external advisers.
The good news is members don’t pay anything extra for advice relating to their super or insurance as it’s covered within the weekly administration fee. This includes, for example, general phone advice about investment options*, insurance and adding extra to super. Simple personal phone advice about transition to retirement or pension account advice may come with a small fee.
A flat fee applies to more detailed advice where a Statement of Advice (SOA) is issued. An SOA is a document that details the advice provided to the member. Members agree to the cost upfront in writing before this happens, and in most instances, there’s no additional cost for their first consultation. is already taken care of as part of the weekly administration fee.
Our aim to have an advice solution for all our members when they need it, no matter their personal situation or needs.
What do people generally gain from getting detailed personal advice and an SOA?
Many members find that having a structured financial strategy gives them confidence and peace of mind that they’re on the right track.
What would you say are the uses and limitations of each type?
It’s about getting the right advice at the right time. Our contact centre consultants can usually help you work this out.
To summarise, single issue advice online or over the phone is often a great place to start for someone with straight forward advice needs or is just starting to take an interest in their longer term financial well-being.
Do people usually follow the advice they’re given letter for letter?
Not on every occasion, and this can be for a variety of reasons. Sometimes members simply aren’t ready to commit to a strategy that might involve some short term pain for a much greater long term benefit.
What’s on the horizon in the advice space for AustralianSuper?
We’re always looking to improve our advice offering to benefit members. In the short term, we’re redesigning our digital capabilities to include a new goals based service. We’re also streamlining our internal advice offering and expanding our external adviser partnerships. Exciting times ahead!
For more information on accessing financial advice through AustralianSuper, go to australiansuper.com/advice or call us on 1300 300 273 8am-8pm AEST/AEDT weekdays.
*excludes Member Direct Option
The financial advice you receive will be provided under the Australian Financial Services Licence held by a third party and not by AustralianSuper Pty Ltd (AustralianSuper) and therefore is not the responsibility of AustralianSuper. Some personal advice may attract a fee, which would be outlined before any work is completed and is subject to your agreement. With your approval, the fee for advice relating to your AustralianSuper account(s) can be deducted from your AustralianSuper account.
Before deciding if AustralianSuper is right for you, read the relevant Product Disclosure Statement at australiansuper.com or call 1300 300 273 for a copy. AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788 the Trustee of AustralianSuper ABN 65 714 394 898