“Things seem to be going okay”. These are the most dangerous words I hear people say when it comes to their financial future.

When it comes to things like superannuation and investments, the most important question you need to consider when evaluating them is, “compared to what?”. Feeling like things are going okay is no substitute for being able to say they are actually going okay.

I’m staggered by how much some people are getting slugged when it comes to both advice and super and investment products, but unfortunately, they don’t realise the true cost until it is clearly pointed it out to them.

Here are a few examples of people I’ve been helping over the last few weeks:

• A lady who is paying close to 15 times more in superannuation fees than she needs to, 2.96% per year when we can get that reduced to around 0.20%.
• A couple who we can reduce the fees on their retirement savings by 80% by using the best options within a profit-FOR-MEMBERS fund.
• A young lady who came to see me recently who had been charged what appeared to be a really low fee of $301 for a financial plan. She felt something wasn’t quite right and she was spot on… even though it had been printed on paper in the fine print, the adviser had not made any real effort to tell her about the $3,000 in commission they were going to receive on the insurance they were recommending. That commission locks in a 30% higher premium on the insurance for the customer, in order to ultimately pay for the adviser’s commission.
• A couple in their late 30s who, with a change to a better super fund and better investment strategy, will be on track to have around an extra $900,000 when it comes time to retire.
• A couple paying $7,000 a year for advice, but effectively getting no advice!
• A couple who were quoted $4,500 in advice fees from a company who only recommends their own products.
• The list goes on…

Could your financial future benefit from a check-up?

Take control of the controllable and make sure you are getting a good deal when it comes to things like paying for advice and on your superannuation and investment products.

“Things seem to be going okay” is kind of like saying “IF IT AIN’T BROKE, DON’T FIX IT”. The problem, however, is that if you don’t know it’s broken, how would you know it needs fixing?

Your financial future is too important to risk making others rich at your expense. If you think your finances need a second opinion or if you feel you could use some help to navigate the tricky world of money, then now’s the perfect time to get in touch.

Cheers,

Daniel