Roy Morgan Findings On Superannuation Trends

A recent survey by Roy Morgan Research has found that 75% of people who switched their superannuation to a self managed fund between 2012-205 sought professional advice from an accountant, a financial planner or a SMSF specialist.

Norman Morris, Industry Communications Director at Roy Morgan Research says;

“Given the complex nature of superannuation, the lack of consumer engagement, poor understanding and low confidence in the system, it is vital that more people get advice when making decisions about switching their fund.

“Although advice is needed when switching superannuation, adverse publicity and the negative image of planners is potentially a barrier to more switchers choosing to use them. Issues relating to conflict of interest and professional qualifications of planners are likely to take some time to improve but the industry is taking measures to address perceptions in these areas.

“With over $35 billion in superannuation being switched every year, this represents a major opportunity for the industry. The challenge is to ensure that people switching their superannuation realise they’d generally be better off getting advice, and that they can feel confident in their advisor.”

For more information on the findings, click here to see the summary at Roy Morgan.