Category: Future Proof
Chapter Select
Sub category: Superannuation
16 June 2015

4 superannuation questions to ask your financial adviser

Want to grow your super but not sure how? It could be worthwhile seeking professional advice tailored to your specific circumstances.

Find out how to boost your super by asking your financial adviser 4 key questions:

1. How much am I paying in super fees – and how do they compare to other funds?

According to Rice Warner research commissioned by ING DIRECT (2015), super fees can range from 0% to about 2.33% per annum.  These figures may not sound like much but over time the impact of fees can really stack up. The same research found a 30-year old male using a fund charging 0% fees could retire with super worth around $511,000 compared to about $319,000 in a fund charging annual fees of 2.33% (assumes equal investment returns).

Check your latest super statement to find out how much you are paying in fees, and ask your financial adviser how this compares to other funds.

2. How is my current super fund performing compared to other options available to me?

No one, not even the experts, can consistently pick each year’s winning investments, so the returns earned by your fund may fluctuate from year to year. That said, if your super is delivering consistently low returns then it could pay to seek better value for money.

Find out from your financial adviser how your fund stacks up against others – and whether you may potentially be able to get a better return on your investment elsewhere.

3. How do I maximise the value of my super portfolio?

Your investment decisions may change over time, depending on your risk profile and life stage. For example, if you are starting out in life you may opt for higher risk investments whereas if you are a year away from retirement it may make sense for you to adopt a more conservative approach.

Your financial adviser should be able to help you choose an investment mix that combines the potential for healthy long term gains with a level of risk you are comfortable with.

4. How flexible is my super fund – can I trade shares?

Having a reasonable say over how cash in our super fund is invested may help us take greater control over our financial futures.  While some of us may opt for the ease of a balanced super fund, it could be worth investigating whether your super fund gives you flexibility to choose where some, or all, of your money is invested.

If you are seeking greater flexibility with your investments, consider asking your financial adviser to assist you in identifying a fund which offers this capability.  If you don’t have a financial adviser, check with your fund – many super funds can organise for you to speak to one.

The information is current as at publication. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Deposit products, savings products, credit card and home loan products are issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823. ING Living Super (which is part of the ING Superannuation Fund ABN 13 355 603 448) is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 RSE L0000635. The insurance cover offered by ING Living Super is provided by Metlife Insurance Limited ABN 75 004 274 882, AFSL 238096. ING Insurance is issued by Auto & General Insurance Company Limited (AGIC) ABN 42 111 586 353 AFSL Licence No 285571 as insurer. It is distributed by Auto & General Services Pty Ltd (AGS) ABN 61 003 617 909 AFSL 241411 and by ING as an Authorised Representative AR 1247634 of AGS. All applications for credit are subject to ING's credit approval criteria, and fees and charges apply. You should consider the relevant Product Disclosure Statement, Terms and Conditions, Fees and Limits Schedule, Financial Services Guide, Key Facts Sheet and Credit Guide available at when deciding whether to acquire, or to continue to hold, a product. Before interacting with us via our social media platforms, please take a minute to familiarise yourself with our Social Media User Terms

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