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
Two advisers say M&A is becoming a “contact sport” as competition heats up to acquire attractive advice firms, while a lack of new entrants creates roadblocks in organic growth opportunities.
Perth advice firm Integro Private Wealth has appointed a head of advice to spearhead a major business development initiative to expand nationwide.
AZ NGA has taken a larger stake in ex-AMP advice firm Geographe Financial Group, triggering leadership changes as it prepares for future M&A growth opportunities.
Over half of financial advice clients say they have found their adviser via a referral from an existing client, according to Dimensional.
