Choices around your superannuation are massive, and will significantly impact your financial situation long-term. Understanding factors like your personal risk tolerance, the returns and fees of various options, and your insurance needs, are not easy on your own, but with the help of a superannuation professional, you will be able to ensure that you make the right super decision for your short-term and long-term financial wellness. Seek advice on superannuation to get the best results for your finances.

Why seek advice on superannuation?

You might think that all of the information about Super funds is already available to you through the power of the internet, and that’s sort of true. The unfortunate reality of super information, though, is that it takes several hours of research as well as high-level financial knowledge to gain a deep understanding.

Another factor is that no amount of online information is ever going to account for your circumstances. Putting your money into super is a form of investing, and to invest successfully, you need to understand your risk tolerance and how to match that with a portfolio. A super professional will be able to guide you through that process, ensuring you have the peace of mind you need that your super is invested in a way that you are confident with.

When you have a good knowledge of your risk tolerance, you then have to understand what a reasonable expected rate of return is based on that. A great super advisor can guide you through that, as well as advise on what is reasonable to be paying in fees.

How does insurance factor into Superannuation?

This is another tricky area of super that can be difficult to navigate without the help of a professional. Most Super funds come with built life-in insurance, as well as total and permanent disability (TPD) insurance and income protection insurance. Each super fund does, however, have different rules and levels of cover. It’s important to understand what’s right for you.

You can also choose some aspects of the cover that you have through your super, but you need to have a good understanding of the options available to you. You also need to understand the pros and cons of being insured through your super.

What superannuation financial advisor options are out there?

There are several options available to you for superannuation advice. You can speak with a financial advisor in many different ways such as a face-to-face appointment, a phone call, or a video conference. You can also utilise a robo-advisor for instant digital advice.

The best thing about using a financial advisor, whether it’s a person or a robo-advisor, is that they can be impartial, and not aligned to any super fund. When you are researching independently, you will read a lot of marketing web pages from providers intending to sell you their super fund.

The benefit of using a financial advisor for superannuation as opposed to a robo-advisor is that it can be a more personalised experience. You will be able to ask questions specific to your situation and get the information that you most need. Speaking to a financial advisor also gives to the ability to get fully comprehensive advice on a range of more complex matters such as self-managed super funds, taxes, and personal insurance.

In contrast, digital or robo advice is a great option if you are looking for a lower-cost option for advice that is still personal. You will pay around half of the cost of financial advice for the virtual equivalent. When you work with a robo-advisor you will be given information that you can then go through that information at your own pace, with no deadline for making a final decision. You will also be able to gain information at a faster rate than is possible with a financial advisor.

At Review My Super, you can access personalised super advice through a robo superannuation advisor or personal superannuation advisor to help you determine which super fund option is best for your personal circumstances. We also have a range of fantastic content to help you better understand super, compare super providers, and gain valuable insight into which super option could be right for you.

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