Retail Super Fund Selection

Retail Super Fund Selection

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Selecting a retail super fund is an important decision as it can significantly impact your financial future.

Sterling Grange Financial Planning advisers have no preferred super fund providers and will make a tailored retail super fund selection that is appropriate to your needs and risk tolerance.

Retail Super Fund Selection

When choosing a retail super fund, we will consider the following factors:

  1. Fees and Costs: Compare the fees and costs of different retail super funds. Fees need to be appropriate based on your management approach to superannuation. Such as lower fees for a passive approach and higher fees for active adviser management to ensure you get the most out of your superannuation savings over time.
  2. Investment Options: We will check the investment options available within each fund. Make sure they align with your risk tolerance and investment goals. A diversified portfolio is generally a good choice to spread risk across various asset classes.
  3. Performance: While past performance doesn’t guarantee future results, review the historical performance of the funds you are considering. Look for consistent, long-term performance rather than short-term spikes.
  4. Insurance Offerings: Some super funds provide insurance options, such as life insurance and income protection. Assess whether these offerings suit your needs and if they come at a reasonable cost.
  5. Customer Service: Consider the quality of customer service and accessibility of the fund. Good customer service can make managing your superannuation more straightforward.
  6. Company Reputation: Research the reputation and financial stability of the company managing the fund. Choose a well-established and reputable institution.
  7. Extra Features: Some retail super funds offer additional features like online account management, educational resources, or retirement planning tools. These can add value to your overall experience.
  8. Exit Fees: Be aware of any exit fees or penalties associated with changing super funds. High exit fees can discourage you from switching if you find a better option later on.
  9. Insurance Policies and Fees: If you already have life insurance or income protection policies outside of your super fund, compare their terms and costs with the offerings in the retail super funds you are considering.

Remember, superannuation is a long-term investment, and it’s important to regularly review your fund’s performance and make adjustments as needed. Additionally, consider consolidating multiple super accounts to avoid paying unnecessary fees and make managing your superannuation simpler

Choosing super has many options so it is important to seek professional financial advice. A financial adviser can help you assess your individual circumstances and recommend a fund that aligns with your goals.

Retail Super areas of advice can include:

  • Review your current account fees and investment options.
  • Determine the most appropriate account structure: Industry Fund, Master Trust, Wrap Platform or Self-Managed Superannuation Fund) based on your current financial position.

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