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 today in a report Superannuation and Wealth Management in Australia, found that 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 rsearch 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."
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
