Public Perception
Below are images from articles and social media posts where this perception is expressed:
“Strike that financial advisor from your contact list. Criminal to charge such a fee for something so simple.”
— Allan Crow
“I just have my super with Australian Super works for us. I would never have an advisor. We are all wise enough to work out our super without paying an adviser.”
— Mary Simmons
Don’t go to a Financial Adviser. They charge like Bulls and do nothing.
—Corey Sordello
Do the super yourself. Go follow Warren buffet. His simple version of explaining how and where to invest will make it easy for you. Especially if you are young. That way. You will have a nice lifestyle on retirement.
— Michelle Winiata
You don’t need insurance like income protection or life insurance. Pay for your funeral but don’t make yourself worth more dead than alive, just enjoy your retirement. Insurance in a lot of ways is just away for others to make money off you. If you like the industry Fund you are looking at go with it. If you need travel insurance you can take it out as needed for however long you are away.
— Peter Olley
Industry fund - lower fees usually
— Larissa Yu
I have found “ financial advisor” to be extortionists to date. Sort of like the used car salesman of the financial world.
— Cheryl Gilroy
“Why bother? All this can be done through members direct for example with Aus Super without the admin overheads and costs.”
— A.M
Source: Who Can I Trust With My Money [3]
Scott Pape, known as the Barefoot Investor, discusses in his articles how superannuation funds can offer lower premiums but warns that this is often at the cost of reduced coverage and higher expenses as members age. In his "Who Can I Trust With My Money" report Scott Pape basically encourages his followers to get their retirement advice from super fund advisers because they are "free".
Australia’s superannuation system is generally considered one of the best retirement schemes in the world
Source: https://superdoneright.com/