Consumers pay too much for super advice
Australians who pay for their financial advice by commissions could be paying as much as 13 times too much, according to a new report by Rice Warner Actuaries.
The report, commissioned by Industry Super Network, compared the net value of advice provided by Industry Fund Financial Planning and advisers remunerated by sales commissions.
The report revealed that consumers are substantially better off paying for their advice on a ‘fee for service’ basis rather than paying ongoing commissions.
In one example, it showed retirees could be on average $60,000 better off if they paid advisors a direct fee for independent advice.
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