Industry superannuation funds are warning younger Australians to think carefully before using “DIY” super strategies, citing concerns about costs and switching behaviour. The industry says it has identified a correlation between a rise in advice fees deducted from members’ accounts over the past two years and an increase in the number of people switching super funds.
The reports state that the trend involves fees charged for advice being taken from accounts, alongside a broader spike in switching among younger members. The sources do not provide specific figures in the supplied excerpts, nor do they detail which switching options are being chosen or how the fees are calculated.
Overall, the outlets present the same central claim: the industry super fund sector observes a relationship between higher advice-fee withdrawals and greater switching activity. The warning is aimed at encouraging members to consider the potential impact of advice fees and to review whether DIY or advice-driven decisions are in their best interests before changing super.
