How to get free financial advice from your super fund

Investment professionals all agree that more people should be getting financial advice to better manage their investments and prepare for retirements.

But research by Association of Superannuation Funds of Australia released last year reveals that only 51 per cent of adult Australians, including around 60 per cent of those aged 65+, have consulted any source of information on preparing for retirement.

A key barrier is cost.

Fortunately for Australians, superannuation funds can provide a range of free financial advice to their members.

Usually the free advice relates specifically to the individual's investment with the super fund. They can talk through their different investment options; how they're tracking to their retirement; how to select them maximise their retirement income; and their voluntary contribution offerings.

They can also advise on the different insurance and income protection covers that may be available to the member.

Typically, superannuation fund members start by using online resources, such as retirement income calculators, and might then decide they want more specific advice, delivered by an advisor either in person, over the phone or via a web meeting.

All industry funds offer some form of free advice, and specifics can be found here.

AustralianSuper provides members with an over the phone, simple advice service as part of its administration fee.

"It's a great resource for members who want guidance around managing their retirement savings. This can include simple advice about making an investment choice, superannuation contributions, personal insurance or retirement income options," says Ross Ackland, AustralianSuper head of guidance and advice.

"We think that this type of advice provides the most value for members when it is used alongside the digital resources that we make available to members on our website, such as the range of tools and calculators that are available."

MLC offers a combination of personal advice and online calculators.

Personal advice includes access to financial coaches to provide general advice related to the member's superannuation and access to super advisers who offer advice on specific superannuation topics such as choosing how their super is invested and their retirement options.

It is also launching a new digital advice tool called Money View, which helps members understand their current financial situation, from basic budgeting through to seeing how much they might have in retirement. It can show what their home or investment property is worth, create budgets and set goals to see if the member is on track for their retirement aspirations.

AMP Super has had an intra-fund advice service, which is by in-house advisers. AMP describes it as "a particular type of personal advice that is simple, one-off, and given only in relation to [the member's] eligible AMP product".

"As this advice service is limited to the above areas, you will need to consider whether you have broader advice needs and if so, we can discuss an alternative advice process that best suits you," AMP says it its information guide about the service.

Individuals with more complex needs, such as wanting advice about investments outside of super, are likely to need more substantial advice and will have to pay for this.

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