What is good advice worth?

Super News

We all have ideas about how to make the most of our money. But is DIY the way to go, or does it pay to get another opinion? We take a look at your options.

How do you know if you’re making the most of your financial situation? Most of us have a fair grasp of where we stand day-to-day. But understanding the complex rules around super is more challenging. And if you’re thinking about a self-managed fund, things can get pretty complicated.
Getting the right facts and advice at the right time can help you see more clearly where you are and where you want to end up. It can give you the confidence of knowing that your plans are actually achievable. And if you’re not on track to achieve your goals, it can help you determine what to do about it.1

Start with the facts about your fund

If you want to be more informed about your super, a good way to start is to attend one of our regular Member Seminars. These seminars are a great opportunity to hear from experts in your fund and ask the questions you want. If you’d prefer to speak with someone one-on-one, you can make an appointment with one of our Member Education Consultants. They can give you general advice about products and options available to you from ESSSuper.

Is DIY with a SMSF the way to go?

Self-Managed Super Funds (SMSF) have been popular for a while now, but would one be right for you? Essentially a SMSF is a private super fund that you manage yourself. In a SMSF you are responsible for investing and managing your own savings. But managing your own super comes with a lot of responsibility and involves significant time and effort.
The set up and running costs for a SMSF can be considerable.3 You need to comply with superannuation and tax laws, record keeping obligations, lodge annual statements and have the fund independently audited each year. You may want to engage an accountant to help administer the fund, as well as an approved SMSF auditor. You may want specialist tax advice as well.3
Before making any decision, it is worth getting professional financial advice on whether a SMSF may be right for you. And that’s exactly the sort of question you can take to an ESSSuper Adviser.

Personalised financial advice

If you want personalised advice about your situation, we can refer you to one of our financial planners. An ESSSuper Adviser2 can take a look at your overall financial position and help you plan the best way to achieve your financial goals. They can provide advice on a single topic, such as investment options or setting up an income stream, or they can provide you with a full financial plan that takes into account all your circumstances.

What is good advice worth?

Since the Royal Commission into banking, there’s been a lot of talk about the confusing, and sometimes even deceptive, fees and commissions charged by some financial planners. That’s why it’s good to know that ESSSuper Advisers have never charged commissions. Your first appointment with an ESSSuper Adviser is free and will determine what level of advice is right for you. After the first meeting, all the work they do will be charged at a set hourly rate. And before you choose to proceed, you will be provided with a quote.
A little preparation will help you make the most of the first meeting. If you can, bring along a budget estimating your income and outgoings, an outline of your family situation, an understanding of your investor risk profile, and an idea of your retirement plans.
With all the complexity and options on offer with super today, it often pays to get some professional advice. You might discover a new strategy that you may otherwise never have known about. Better still, it may help you attain a new level of financial peace of mind, knowing that you’re on the right track to secure the future you want.

1. ‘Why get financial advice?’, MoneySmart, 
2. ESSSuper Financial Advisers are authorised representatives of Link Advice Pty Ltd (Link Advice). Link Advice holds a current Australian Financial Services Licence No. 258145 and is responsible for the financial services provided to you. ESSSuper has an arrangement with Link Advice Pty Ltd to provide financial advice to ESSSuper members. ESSSuper pays Link Advice a fee for this service. Neither the Board, nor the Victorian Government, guarantee or endorse any recommendations made by Link Advice, or are responsible for the advice and actions of Link Advice.
3. MoneySmart

The information contained in this article is of a general nature only. It should not be considered as a substitute for reading ESSSuper’s Product Disclosure Statement (PDS) that contains detailed information about ESSSuper products, services and features. Before making a decision about an ESSSuper product, you should consider the appropriateness of the product to your personal objectives, financial situation and needs. It may also be beneficial to seek professional advice from a licensed financial planner or adviser. An ESSSuper PDS is available at www.esssuper.com.au or by calling 1300 650 161.

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