Australian fund fees competitive
Australian superannuation funds may bicker over who is more expensive, but according to new research released this week, they are among the most competitive funds in the world.
The research, undertaken by Deloitte Actuaries and Consultants for the Investment and Financial Services Association (IFSA), found that Australian funds were broadly competitive globally on administration and investment fees.
However, the research also confirmed that scale was an issue, with the larger funds being able to charge lower fees.
Commenting on the research, IFSA chief executive John Brogden noted that international comparisons were difficult due to differing regulatory systems, but that the results suggested the local industry was moving in the right direction.
"Competition and choice is delivering to consumers in important areas of retirement savings, such as superannuation fees," he said. "However, there are areas in the corporate, retail and industry funds sectors where further rationalisation can provide further benefits."
Recommended for you
A quarter of advisers who commenced on the FAR within the last two years have already switched licensees or practices, adding validity to practice owners’ professional year (PY) concerns.
Integrated wealth and financial services group Rethink has launched a financial planning arm called Rethink Wealth to expand beyond property investing and into holistic wealth management.
While adviser numbers continue to slowly creep back up, the latest Wealth Data analysis reveals they would actually be in the green for the calendar year if it weren’t for so many losses in the limited advice space.
Iress has appointed a chief AI officer to spearhead the fintech’s strategic focus on AI, with chief executive Marcus Price describing how the technology opens the doors to a “new frontier for wealth advice”.
