Investors favour choice
Much like the politicians who represent them, retail investors have come out over-whelmingly in favour of the idea of choice of superannuation fund.
Much like the politicians who represent them, retail investors have come out over-whelmingly in favour of the idea of choice of superannuation fund.
The difference is that politicians cannot agree on the mechanics of a choice of fund system and have left enabling legislation gather cobwebs over the past five years as they battle ideologies.
According to a survey by Assirt, 83 per cent of retail investors think choice of su-per is either a great idea or at least a good idea. Less than one in ten thought it a bad idea.
But while investors may be supportive of super choice, not many of them know much about the actual legislation. Assirt’s survey found that just under a third of investors knew either a great deal or a fair amount on the super choice legislation. Males know more about the legislation than females with 36 per cent of males in-dicating they knew at least a fair amount —about the legislation compared to 23 per cent of females.
Assirt managing director Brett Sanders says the survey supports recommendations by the Senate Select Committee on super choice for an extensive education cam-paign.
“These findings would suggest that investors are supportive of choice but are not entirely aware of what it entails,” he says.
“The interesting question becomes whether they will exercise this choice when it becomes available and if so, what assistance they will seek in doing this.”
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.
