There are many overseas companies investing in Australia and that is probably because of our booming economy. There are also a lot of Aussies doing the same thing and a lot of them are doing it through superannuation schemes, which is reportedly a trillion dollar industry.
As there are many superannuation schemes available, it’s probably a good idea to use a financial planning company such as All My Funds to help you pick the right one. This press release is an interesting read.
SPECIALIST financial planning company All My Funds is applying the discount broker model to Australia’s trillion dollar superannuation industry.
The Queensland-based All My Funds will target the 70 per cent of workers in the 30-45 age groups who are now using retail funds instead of industry funds.
AMF managing director Wayne Robinson said the All My Funds system would effectively transform retail funds into industry funds for AMF clients because the company would return all commissions paid to the client in exchange for a flat annual fee.
“The discount broker model has worked very well in both the sharemarket and the funds management sectors and there is no reason why Australians will not embrace it for their superannuation investments,’’ said Mr Robinson.
“As it stands, a working 30 year old with $50,000 in their super now could lose more than $98,000 from their retail superannuation funds through commissions over their working life.
“We want to change that and also to help people gain the greatest benefit from their retirement savings as possible.’’
Mr Robinson said All My Funds had made the decision to solely concentrate on financial planning issues for the superannuation sector.
“There are a lot of good financial planners operating within Australia but we saw there is not really anybody who is solely specialising in superannuation,’’ he said.
“When you consider the size of the industry, both in terms of investment and the number of participants, it is apparent there is certainly plenty of room for specialist firms in this arena.’’
The three main services that All My Funds will provide clients is:
* An annual subscription service where investors pay an annual fee of $385 and all adviser fees, commissions and trails are rebated to the client
* A consolidation service where AMF on behalf of its clients rolls multiple superannuation accounts into one larger account.
* A 25+ page superannuation checkup report (statement of advice limited to superannuation) for only $275. This will give an overview of a client’s existing superannuation, a comparison with other retail funds, an indication of what their income will be on retirement as a percentage of their current salary and much more.
