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John L.
John L.
Narellan Dc, NSW
7 Likes
3 Followers

I'm 52 years of age and have just over $200k in super with colonial on which I'm paying over $1000 pa advisor fees - anyone have a better suggestion?

8 years ago

Responses

Hi John.
Are these advisor fees or the fund's fees?
If fund fees they are not excessive at under 0.50%.
Are you self employed or working for salary/wages.
A lot of people are setting up Self managed super funds which may or may not be an option for you.
The cost of setting up a SMSF has to be considered plus annual compliance costs. The annual costs would likely be over the $1000 mark.
Are you happy with the returns on your super with Colonial. If so stay put.

Assuming these are adviser ongoing fees and the adviser sees you at least once a year to discuss your Super and other areas of financial needs then this $1,000 p/a is very reasonable BUT if this is not happening then you should decide:

1. Do you want to stay with this adviser and if Yes then call him/her up and understand why you are paying fees for no service and from here you can either request to stop the ongoing service or request a free review including implementation if necessary.
2. Find another adviser that will be by your side into retirement and discuss strategies that will assist you and your family's future plans. The actual provider you are with is not the most important thing but the strategy and what you do with it...that is critical.

Hope that helps. Anything I did not explain clearly please let me know.

8 years ago

Industry super funds are the best . Shop around and you will find something. These other blokes are ripping you off.
If I were you I would buy an apartment in lakemba or its surrounding suburbs. It will never always have a tenant. By the time you retire it will be giving you a nice little pension. My mate has 15 of them in the area..
If you can get over the fact that it will be Muslims rented the property
SMSF would be something for you to follow up on.

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