Consumer Confusion about Superannuation Offers

With all the volatility over the past 5 years with the investment and financial markets, plus the constant criticism of the different Superannuation alternatives being blatantly broadcast on TV and in the press, it is understandable that everyday people are lacking in financial confidence.  It is important to understand that just because something is advertised in the media, does not make it the best choice for every person’s individual situation.  This is why it is important to get some professional advice on finance and investment, preferably from a Certified Financial Planner.

Consumer confusion is gaining momentum due to the current turf war occurring between peek industry bodies vying for membership. Bank and independently owned Financial Planning dealer groups are spruiking their offers. Accountants, financial brokers and real estate agents are promoting investment strategies. The majority of industry Super funds are largely run by Unions, having their biasness and the various Financial Planning Industry and Professional bodies are all arguing amongst themselves. No wonder we are all confused and consumers are selecting products not right for them.

The general feeling amongst everyday people at this point in time seems to be:

 “I wonder if I am positioned correctly for my retirement.”

“Do I have the correct structure for my investments?”

“Should I be in an Industry Super Fund, or a Public Offer Super Fund or set up my own Self-Managed Super Fund (SMSF)?”

Advice regarding Superannuation is becoming very competitive across the financial advice industry and other peak financial bodies.  The new Future of Financial Advice (FOFA) legislation has passed and is now Law. People claiming to give financial advice need firstly to be licensed and regulated though ASIC and they also must act in the best interest of their clients. Advisers who are not paid commission by the product providers, but paid a fee for advice and ongoing client services is the more certain way that the advice will be appropriate for the client’s needs and objectives.

If you are seeking Financial Advice from a adviser who runs their own Financial Planning Practice, and is not commission remunerated, then contact us at Benchmark Consultants on 92932922 for a complimentary initial meeting to discuss your needs.

Peter Stewart the Principal of Benchmark Consultants is a Certified Financial Planner. Benchmark Consultants has been accredited as a Professional Practice of the Financial Planning Association (FPA). Benchmark Consultants is a corporate representative #289570 of Australian Financial Services Ltd AFSL#297239

Phone: 08 9293 2922



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