If you answered ‘No’ to this key question, then you really need to pay attention.
What I find is that the average Australian does not know enough about their superannuation or the insurance options that are available through it. To Vision Wealth Group this is a concerning problem. Before I explain why, I need to make it clear that we are on a mission to create awareness to individuals Australia wide about their superannuation and life insurance.
Lets looks at common problems Vision Wealth Group encounters on a regular basis:
1. Do you know who your super is with?
Funny enough, a lot of people say ‘No’ when asked this question. Alternatively, they know their current super fund but they may have 3, 4 or 5 others that they are unsure of. So let’s get this straight; your money is floating around somewhere and you don’t know where it is or who has it. Can you see why this is a problem?
2. Do you know what your superannuation is invested in or what it is doing?
The most common response is ‘No’. You might have from $20k up to $300k in super and you don’t know what it is doing? If I were to say you: Tell me, if you had $40k in your personal bank account would you know each and every transaction going in and out of the account along with what the majority of money is spent on? The answer every time is ‘Yes’. Then I put this to you: You have $40k of your money sitting in superannuation environment and you don’t know a thing about it? At the end of the day it is your money, although you may not be able to touch it right now, it is what you have to rely on when you reach retirement. So start caring and stop neglecting.
3. Have you had your adviser or super fund representative call you to tell you what’s going on with your super or even contact you to see if your circumstances have changed?
The most common answer is…you guessed it ‘No’. This is another frustrating problem we encounter and it just screams ‘WHY NOT’. The financial adviser or super fund rep is in charge of investing your money and looking after it. You have never met them, never received a call from them and you know nothing about them yet they continue to charge you fees for doing a job that they are only half doing. Identify this as a major issue because I know I would like to hear about my investment or how my money has performed every year even if it is good or bad. It provides a level of care and service you deserve and frankly its what you pay for.