Tailored advice a top priority super offering
While returns and fees are the top priority for older Australians when it comes to their superannuation, more than one in 10 are now calling for access to tailored financial advice.
The Super Members Council (SMC) Older Australians’ views on the superannuation system report, produced in conjunction with National Seniors Australia (NSA), surveyed more than 3,000 Australians over 50, assessing what super members expect from their fund.
According to the report, around one in four (24.6 per cent) said strong net returns on investments was the top priority in terms of super fund deliverables, followed closely by low fees and costs (21.2 per cent), and certainty and stability of investment returns (19.5 per cent).
Rounding out the top four was access to tailored financial advice (11.9 per cent). Comparatively, only 6 per cent placed a high value on broad or general advice.
The demand for tailored advice was even more pronounced among respondents, aged 50 to 66.
Notably, those with a super balance of up to $200,000 were less concerned about whether their super fund offered tailored advice, with just one in 10 (10 per cent) marking it as a top priority.
Closing out the top priorities was phone and internet-based information and advice (7.1 per cent), ethical investment options (5.3 per cent), and retirement calculators and other free online tools (4.5 per cent).
Although there were slight variations in the proportion of value across different age groups, genders and super balances, the report said the order of the top four remained the same across the board.
For example, lower fees were less important for respondents with $500,000 or more in their super than those with the lowest balances, 20 per cent and 23 per cent, respectively, however the order of priorities remained the same.
Meanwhile, fee-based advice services were far more likely to be utilised by retirees and those transitioning into or moving in and out of retirement (57 per cent). At the other end of the spectrum, 67 per cent of non-retirees had reportedly never utilised this service.
For those that had accessed a fee-based consult with an adviser through their super, more than 40 per cent said it was a “very useful” source of information.
AUTHOR
Shy-Ann Arkinstall
Recommended for you
Determinations by the FSCP since the start of 2025 are almost double the number in the same period of 2024, with non-concessional contribution cap errors and incorrect advice among the issues.
Whether received via human or digital means, financial advice is reportedly leading to lower stress and more confidence, according to Vanguard.
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
Michael McCorry, chief investment officer at BlackRock Australia, has detailed how investors are reconsidering their 60/40 portfolios as macro uncertainty highlight the benefits of liquid alternatives.
