The Industry Super Network is continuing its campaign against financial advisers who receive commissions relating to the provision of advice on superannuation, claiming that new data suggests members of retail funds could be on average more than $100,000 worse off over 40 years.
Industry Super Network executive manager David Whiteley has once again used data produced by Sydney-based ratings house, SuperRatings to underpin his claim and to suggest that the impact of fees and sales commissions is greater when investment returns are low.
“Fees and sales commissions have a proportionally bigger impact on retirement savings when net returns are low or negative,” he said.
Whiteley said that consumers needed to be aware that sales commissions and trailing fees continued to be paid to financial advisers even if returns were negative.
