How much does advice cost?
You’ll be pleased to know that any general information, like adding to super or information about insurance cover or investment options is provided by the fund at no additional cost – just ask for a Super Health Check. And simple, personal advice over-the-phone, such as contributing to your super, changing your investment options to suit, or how much insurance you may need is also paid by the fund.
Some simple, personal advice like transitioning to retirement options or starting an income stream in retirement may be subject to a small fee. This is discussed before any work is started.
For more complex advice, your first face-to-face consultation is complimentary. After that, your adviser will agree any costs upfront with you in writing. You can meet with an adviser either at one of our CBD offices located in every state and territory, or you can find an adviser within your locality from our registered network. And where available, you may have the option to meet with an adviser using a secure video link from the comfort of your own home.
We don’t pay advisers incentives, bonuses or commissions. Ever.
Advice fees are charged on a no-commission, fee-for-service basis†. Where a Statement of Advice (SOA) is prepared, you may be quoted a fee for the advice based on its type and complexity.
What you get with face-to-face advice*
Getting to know youYour first meeting is complimentary – and all about you. Your personal and financial circumstances and what’s important to you are discussed. Your adviser can then help determine the nature and complexity of advice you need and discuss any costs involved. No personal financial advice is provided in your first meeting.
Setting a planUsing information from your first meeting, and with your agreement, your adviser researches solutions available and develops a personalised financial plan called a Statement of Advice (SOA). This outlines the best way forward to meet your personal and financial goals and any costs involved.
Presenting the planYour financial adviser outlines the recommendations in the SOA, and explains how the advice meets with your goals and is in your best interests. They also answer any questions you may have about the advice and the next steps needed.
Taking actionAdvice is only good advice if it’s put into action. Once you’re comfortable with the recommendations, your adviser carries them out and keeps you informed at every step.
*The financial advice you receive will be provided under the Australian Financial Services licence held by a third party and not by AustralianSuper Pty Ltd and therefore is not the responsibility of AustralianSuper Pty Ltd. AustralianSuper has also engaged Industry Fund Services (IFS) ABN 54 007 016 195 ASFL 232514 to facilitate the provision of financial advice to members of AustralianSuper. This advice is provided by one of our financial advisers who are Authorised Representatives of IFS. These advisers are not authorised to provide financial product advice (or any other financial service) on behalf of the Trustee of AustralianSuper. Some personal advice may attract a fee, which would be outlined before any work is completed and is subject to your agreement. With your approval, the fee for advice relating to your AustralianSuper account(s) can be deducted from your AustralianSuper account.
^Online calculators allow you to explore your potential options in more detail. The financial outcomes provided by our online calculators, should be read together with the relevant Product Disclosure Statement. These outcomes are reliant on the accuracy of the information you have entered and before taking action you will need to consider the appropriateness of the financial outcomes, taking into account your objectives, financial situation and needs.
† In some circumstances, your adviser may recommend products outside of AustralianSuper where commission may be payable.