Feature: Superannuation - Do You Have More Than One Fund?

Paul Ryan of Patron Finance

This article is brought to you courtesy of Paul Ryan (Dip FS (FP) Dip FM) of PATRON Financial Services Pty Ltd. who will provide a series of helpful articles to assist you with your finances over the coming months.

Paul is a highly qualified and experienced Financial Advisor with over 30 years experience in Risk Insurance, Superannuation and Investment in the Financial Planning Industry. Paul provides advice in the areas of Wealth Creation Strategies, Personal Insurances, Debt minimisation strategies, Estate Planning strategies and Superannuation (both Personal and Corporate). Paul may be contacted on Mobile 0418 423 720 or email: pryan@patronfa.com.au

Do You Have More Than One Superannuation Fund?

Q. Why should I roll all my supers into one fund?

A. It is much cheaper to have one fund because you pay administration costs and Fund fees in each fund.

Q. My fund said that it does not charge fees, is that true?

A. All funds charge fees of some description or they would not be able to advertise, pay their staff and so on, even the non profit funds.

Q. What type of fund should I consider?

A. A big majority of funds use Retail Funds for investment and the annual fees are as high as 5% of your money, so, look for the fund that invests in wholesale funds, they are much cheaper, usually lower than 1%.

Q. What about Administration Fees?

A. All funds charge them, so, find a combination of reasonable fees and wholesale funds.

A. Contact them and tell them you wish to roll over some other funds to them, they will fall over themselves to get your extra money.

Q. What sort of funds do you use for your clients?

A. I use a wholesale fund which has over 200 different types of funds for me to choose from.

Q. How do I know where to invest my money, should I be conservative, Moderate or aggressive?

A. You can complete a Risk Profile (8 to 10 easy to answer questions), just email me and I will send one to you, no obligation.

• A Risk Profile gives you an idea of what sort of investor you are, they are not foolproof but it is a reasonable guide.

Q. What if I need help?

A. Feel free to call me, there is no obligation.

Q. Do you charge a fee for rolling several policies into one and/or for managing my superannuation?

A. Yes I do, but it can come from your super money, not out of your pocket and do not worry it will not break the bank.

Comment: Something to remember, your superannuation is there to help fund your retirement so it pays to look after it, not neglect it. Call me, if you are not happy with what you hear, walk away, no cost to you.

Paul may be contacted on Mobile 0418 423 720 or email: pryan@patronfa.com.au