Should You Move Your Superannuation Fund?
- November 21, 2018
- Posted by: wpgroup
- Category: Economics, Finance & accounting, Future trends
Superannuation when introduced the intention was for a safe retirement fund for all. However, since then the remuneration contributions made was in the hope these funds would grow. There were many who figured out the contributions made were not adequately managed although exorbitant fees were collected, this prompted the rapid growth of Self Manged Funds where the investments were decided by the owner of the funds and not a retail fund.
Over the years we have seen many who have not only lost capital but paying fees for no real service, some have not been aware of this deliberate practice by these funds employers had arrangements with. The Royal Commission has since exposed terrible practices adopted by these funds who were not working in the interest of the individual investors.
It is prudent if you are still languishing in this cluster of individuals to review your statements for the past few years, without a doubt you will see the amount of fees collected. It is our view you should seriously consider either moving your super into an industry fund or set up your own fund where you will have control furthermore decide on the asset class you invest in.
The government is pursuing changes where banks will have a bigger chunk of the cake, this will be bad for individuals so act before it to late and you lose more of your hard earnings.
Please get back should you have any questions or need assistance.