Why Should I Get Superannuation Advice? Superannuation Advice Australia
Superannuation is one of the most significant investments you’ll make in your lifetime.
It sets you up for retirement, and how you use it can determine whether you retire comfortably or struggle to make ends meet.
If you find yourself wondering, “why should I get superannuation advice?” we’re here to answer that, along with where you can get official superannuation advice in Australia.
What is superannuation advice?
Your superannuation fund refers to the money you set aside for your retirement, but its significance is often underestimated until it comes time to retire.
Planning for your retirement – even from a young age – is crucial.
To do this, you need the correct superannuation advice.
Superannuation advice refers to advice that comes from a qualified finance professional.
It is a full analysis of your super fund completed by an expert that aims to help you achieve the best possible outcome for your retirement, keeping in mind the type of retirement you’re after.
When seeking superannuation advice, there are some key things your Inovayt financial advisor will look at.
Your current fund
Your current super fund performance is one of the first things your Inovayt financial planner will look at when you come to them for superannuation advice.
This includes a full assessment of the fees you’re paying, how they compare to similar funds and if there may be a better option for you.
Risk profile assessment
Did you know that most superannuation funds have four risk profiles that dictate how your funds are invested?
If you haven’t selected a risk profile, the default will be set to the ‘balanced’ option.
For those aiming to build their super fund for the future, this generally isn’t the best choice for you.
An Inovayt financial planner will evaluate your investment risk based on what stage of life you’re in and what they believe will work best for your future goals.
Most superannuation funds have life insurance (death cover) and total and permanent disability (TDP) in place.
This is so that if the worst happens, there is a plan in place for you and your family.
A financial advisor will look at your life insurance and check the rate you’re paying as, again, it is often set to a default rate.
They will work with you to ensure that the level you’re covered for works for you, as the default cover doesn’t take your personal situation into account and can sometimes leave you short-changed if you need to make a claim.
Your financial advisor will also assess any insurance policies you may be paying for without knowing.
Like with anything, sometimes you might outgrow your superannuation provider.
Our experts scour various super providers and products, cross-referencing with your financial needs, to find a fund that suits you.
While it might be that you’re already with the best fund, sometimes there is a fund that can have a more positive impact on you.
If this is the case, we’ll work with you to switch everything over.
A broker can also help you to consolidate super funds if you have more than one.
Who can give superannuation advice?
Not everyone is qualified to give superannuation advice.
While we’ve made significant progress in sharing information online, what you read should be taken with a grain of salt.
Even if what a site is saying is true, it doesn’t relate directly to your financial situation, therefore, isn’t entirely accurate for you.
If you’re looking for someone who can give honest superannuation advice, look no further than a qualified Inovayt financial advisor.
Why should I get superannuation advice from an Inovayt financial advisor?
There are many reasons why you should get superannuation advice from an Inovayt financial advisor.
Some of these reasons included the following:
- They’ll work with you to achieve the best possible retirement outcome for you.
- They provide ongoing management of your super fund, including an annual review to see if a better product exists.
- They help you to plot a retirement timeline, taking into account your financial goals.
- They work with third-party authorisation forms, which means you can authorise your financial advisor access to the details of your fund. This allows them to do the work for you and minimises the amount of back-and-forth you’d usually have to do when providing information.
What other aspects of my superfund can an Inovayt financial advisor help me with?
There are so many more aspects of your superannuation that our team can assist with.
A couple of the most common things we advise on include the following:
Voluntary contributions refer to any additional repayments that you make into your account.
There is generally a maximum that your contributions are capped at, which a financial advisor can discuss with you.
They can take you through the benefits of making voluntary contributions and help you set up a strategy to manage extra repayments.
A salary sacrifice arrangement is something that can be set up with employees and their businesses.
Salary sacrifice is where you arrange with your employer to make additional superannuation contributions from your pre-tax salary each pay.
This is a great way to invest more money in your super fund before it hits your bank account.
A financial advisor can walk you through the process, explaining the benefits of doing so and answering any questions you may have.
What is the cost of superannuation advice?
The price of superannuation advice varies. Generally, you’ll pay an initial fee for the advice as well as an annual fee for ongoing management.
Your Inovayt financial planner is constantly working to ensure you have the best super package and completes an annual review for you.
When it comes to payment, we’re flexible and can either take payment upfront, or it can be deducted from your superannuation balance.
If you have more immediate goals (such as saving for a house deposit), taking the money from your super account may suit you better.
Summing it up…
If you find yourself asking why should I get superannuation advice, by investing in an Inovayt financial advisor, you’re actively taking hold of your future.
We will ensure that your super fund is performing as it should and that you’re on track to meet your retirement goals.
Getting good quality superannuation advice is priceless and can be the difference between a comfortable retirement and a stressful one.