Are you throwing away your super unknowingly?

High insurance premiums, excessive fees and un-interested advisors could result in your superannuation money effectively being thrown away. CIB Private Wealth recently undertook a review for an individual and found that this horror scenario was actually happening to them. Their story follows;

Margaret’s superannuation balance declined from $41,743 in June 2007 to $10,836 in June 2013. This was after making $11,040 in contributions and during a period when the total returns on the Australian stock market exceeded 8.75% per annum. (previous 3 years).
Why did Margaret’s super balance decline by so much?
• Expensive insurance premiums.
• New fees were introduced.
• Fees and insurance premiums reduced her balance by $44,757.51 over this time.
Margaret’s initial advisor left during this period and another 3 advisors came and went. When CIB Private Wealth phoned the last advisor they did not even know Margaret was their client. Margaret’s super was managed by a large Australian financial services company. In Australia approximately 90% of all financial advisors are now aligned with one of the four major banks or AMP.

Ask yourself “Do I know what fees and premiums I’m paying? Do I know what my underlying investments are? Has my advisor contacted me in the past 12 months?”

Anything less than Yes, Yes and Yes and you should have your super and insurances reviewed.

Where do I start?

A review is simple and easy. To start phone Tanya Hart at CIB Private Wealth on 02 9683 5999.