There is an interesting new service available from a recently launched company All My Funds which has potential to save considerable amounts of money. There are many hidden costs that can be associated with superannuation investments and insurance. For a set fee of $275 you can get a SOA (statement of advice) that compares your particular superannuation fund with other similar superannuation funds. Although the comparison funds are not specific recommendations, the information would indicate if your fund is costing you too much in fees and charges. A sample of how this report would look is provided on the AllMyFunds.com website.
The other way that All My Funds could save you money is via their subscription service of $385 pa. For this annual fee you will get a rebate of contribution fees (up to 5%), annual trailing commisions (up to 1% per annum) and life insurance commissions (30+% of premiums). Often a superannuation fund will either pay fees and annual trails to a 'financial advisor' that was nominated when you joined the fund (even if you get no follow-up advice), or whill keep this fee themselves if you invested directly with a superannuation fund and don't have an advisor. By using the rebate service you could get rebates worth more than the annual fee paid to All My Funds.
Copyright Enough Wealth 2007