I abandoned the large super funds when I analysed my super performance over the period 2001 - 2009. In 2001 I received a lump sum super payment of 160,000 which my financial advisor advised I should roll into the larger super funds. The financial advisor sold his book and my portfolio changed hands 3 times. When I conducted my own review in 2009 I identified that my $160,000 had grown to $180,000, so I should have been happy with a growth of $20,000. Across the same period my financial advisors had pocketed $30,000 in fees. So they were making 50% more out of my money than what they were making for me. I took ownership, moved funds to an industry fund with less fees and invested in real estate. The key message I have to anyone on their personal superannuation is this: you are the principle stakeholder, take ownership and research your investments. I am now 68 and a self funded retiree with a mixture of superannuation and property. I will never qualify for the aged pension and I am happy about that.

Due to my personal tax situation in 2001 my financial advisor recommended investing in trees. What he described seemed too good to be true so I restricted my purchase to four lots totalling $12,000 plus GST so a total investment of $13,200. My advisor recommended borrowing $100,000 from the bank to invest in the trees but of course the risk was all mine. I stayed at the $13,200 investment and after the whole thing went broke I received a total payout after 8 years with a cheque for $19.82. Yes you read correctly, less than the value of a six pack for a financial advisors recommendation of a $13,200 investment. My message is simply this, understand that the risk with your money always lies with you and while financial advisers will come and go, it is about your retirement so be careful.

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Maybe the quesiton should be, of those who sought out advise, was it worthwhile?

Because in my experience, it wasn't. It became a sales execise!

In short, we've reviewed your investments and they look okay, but we think you should move everything to our platform, including Super, even though up front I said I'm not moving my Super.

And then they provided some projections, where I could have just used some online calculator and saved a fortune!

Lastly, why is everything around reitring and what to do with your money a secret

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I did go to a financial planner (got a free first meeting). He did ask a lot of questions and I understand why in the beginning. What an eye opener, he talked about managed funds, I know about the set up commission and trailing commissions in those days, and that what he was suggesting for me.

I asked the question "where are you investing your surplus money" answer "stock exchange". Red flag "so why have you not suggested I invest in the stock exchange" , he knew I invested in stocks, that was one of the questions, "sorry".

If you go to see a financial planner make sure you get a good one.

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