Super funds failing performance tests

13 super funds failed the government regulator’s performance tests in the year ended 30th June 2021. Those funds were forced to write to their members, pointing out the performance failures and telling members to look at moving to higher-performing funds.

What is a person to do when faced with this sort of letter? Who can you turn to? What information do you need and how do you know your choices will be correct? There are so many questions for anyone receiving one of these letters. A number of media articles have highlighted the failures and the fact that only a small number of the roughly 1 million members of those funds, have actually shifted to another fund. The primary avenues for advice are:

These avenues are free.

If you wish to receive advice from a financial planner, there will be a fee payable. The financial planner will need to meet strict requirements for understanding your position, investigating options and presenting the results to you in a written Statement of Advice.

There’s a lot to consider.

For further reading, we have included below a link to an article on this topic written by one of our advisers, Michael O’Hara.

Link to article by Michael O’Hara on Super funds failing the performance testshttp://www.michaelsmusings.com.au/financial-planning-perth/super-funds-fail-the-performance-test/

WSP Group Financial Knowledge Centre

We think achieving financial goals is easier if you have access to leading edge information.

Accordingly, we have established a portal known as the Financial Knowledge Centre, and it’s available to all our clients at Wealth & Security Planners, Streamline Financial Planning and Advice4Me.

As a part of the launch of this site we are providing clients with 6 months complementary membership as a “thank-you” for your loyalty and business. Through the Financial Knowledge Centre, you will have access to a range of tools, calculators and information.  

The site is a little hub of information, offering learning modules, news articles of interest, videos to spark your curiosity and unbiased commentary. 

https://wspgroup.financialknowledgecentre.com.au/ is the link to the Knowledge Centre website.

Please let us know what you find interesting, and where improvements might be made. Feedback is always welcome. 

Of course, you can still contact us, for personal financial advice tailored to your circumstances – including comparing loans, insurance, investments and superannuation accounts.

Communication

WSP Wealth and Security Planners image by eugenio-mazzone-190204 from unsplash

From time-to-time our clients will raise issues that cross a range of topics.

Although most of our work is done in quiet consultation with individuals, there will be times when a broader voice can help shine new and interesting perspectives on topical issues.

This blog is driven by our long term relationship clients. We hope you find value in the discussions taking place here.