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Financial planning firm All My Funds (AMF) has announced that it has applied the discount broker model when giving advice on retail superannuation funds, with clients now paying a flat annual fee of $385 and all adviser fees, commissions and trails rebated to the client.
AMF managing director Wayne Robinson said he hoped this would lead the way towards changing the super industry, as the new fee-based system “would effectively transform retail funds into industry funds for AMF clients, because the company would return all commissions paid to the client in exchange for a flat annual fee”.
“The discount broker model has worked very well in both share market and the funds management sectors, and there is no reason why Australians will not embrace it for their superannuation investments,” Robinson said.
According to Robinson, AMF will target the 70 per cent of workers in the 30 to 45 age group who are now using retail funds instead of industry funds.
“As it stands, a working 30-year-old with $50,000 in superannuation could lose more than $98,000 from their retail superannuation funds through commissions over their working life,” he said.
“We want to change that, and also help people gain the greatest benefit from their retirement savings as possible.”
Robinson said that along with the fee-based system and full rebates on commissions, AMF will provide clients with a consolidation service where the company, on behalf of its clients, rolls multiple superannuation accounts into one larger account.
“When you consider the size of the industry, both in terms of investment and the number of participants, it is apparent that there is certainly plenty of room for specialist firms in this arena,” Robinson said.
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