Important Update: Changes to Financial Advice Services in Industry Super Funds

Recent government reforms are reshaping how financial advice is delivered through industry superannuation funds. As part of the Delivering Better Financial Outcomes initiative, many government-led industry funds are ceasing in-house comprehensive financial advice services.

This change is designed to clarify the scope of advice that super funds can offer and encourage members to seek independent financial advice tailored to their personal circumstances. This can significantly impact the quality of advice on offer to you, which could in effect change the way you manage your money.

What This Means for You

Super fund call centres and member services teams will continue to provide general guidance on topics such as:

Contributions (e.g. concessional, non-concessional, salary sacrifice)
Investment options within the fund
Insurance held inside superannuation
Fund performance and administration

However, they cannot provide advice on:

Financial products outside of super
Holistic financial planning
Estate or tax planning
Whether you should switch funds or consolidate accounts

Seeking Independent Financial Advice

Members are urged to seek independent financial advice to make well-informed, important decisions about their retirement, and further. If you need advice that looks at the entire financial situation you are in, our advisers at MFA can provide you detailed, holistic advice, tailored to meet your own goals.

Why This Matters

Navigating superannuation and retirement planning is complex. While super funds can help with fund-specific information, personalised financial advice, tailored to you, is essential for decisions that impact your long-term financial wellbeing. Independent advisers can help you:

Understand your full financial picture
Plan for retirement
Manage investments and risks
Make tax-effective decisions

Be Cautious of Cold Calls

Please be aware that cold calling for superannuation reviews is a known risk area. ASIC has warned consumers to hang up on unsolicited calls offering super comparisons or fund switching. These calls often lead to cookie-cutter advice, high fees, and poor outcomes. Therefore, doing your research is encouraged, to avoid gaining advice that really isn’t personally tailored to your financial situation.

Please Contact Us:

The decisions you make today is pivotal to enhance your overall financial position for the financial year ahead.

For holistic, well-informed financial advice, please feel free to reach out to the team mfa@mfaadelaide.com.au or call 08 8224 0602.

Best Regards,

Andrew Doquile

Director - MFA

Changes to Government Super Funds