Luke on 2CC – Super fees, are you paying too much?

Are you getting value from the super fees you pay?  

Financial Adviser, Luke Smith, Financial Planner CanberraFinancial Planner Luke Smith joined 2CC Talking Canberra 1206AM in The Money Show which aired on Friday 15 January 2021. This week’s topic: Superannuation fees – it’s worth the effort to take a closer look.

Luke takes a look at what you’re paying in super fees. Many of us have probably never thought about how much our super fund is charging to have our account with them.  Fees do vary though and as Luke points out taking the time to take a look can save you money. In this podcast Luke tells us about the kinds of fees we should be looking out for and how to figure out if we’re getting a good or bad deal. Of course, if you need help, seek financial advice. There is help available. 

Key highlights include:

  • All superannuation funds charge fees, and some of them make it hard to find the fees.
  • Different funds apply different fees, so not all of them might apply to you.
  • What are the kinds of fees you should look out for? 
    • Administration fee
    • ICR – Internal Cost Ratio or Indirect Cost Ratio
    • Borrowing costs
    • Property costs 
    • Transaction costs 
  • Larger accounts might benefit from a self managed fund, which typically have fixed fees
  • Can you save money with fees?
  • What do you actually need in a super fund?
  • How to move super funds if you want to change your fund.
  • Some things to consider before you switch to a new fund
    • Buy and sell fees
    • Capital gains tax
  • What is fair and reasonable in regard to fees? Luke outlines specific ranges for fees
  • Luke’s top 3 tips for reviewing your own super
  • A free appointment offer to talk about your own financial planning goals. Everyone has different goals and financial planning advice can help you achieve them more effectively, including reviewing your super. 
Listen to the Podcast right now

Also available on Apple Podcasts and Spotify ‘The Strategy Stacker – Luke Talks Money’

Apple Podcasts


Do you need help to review your own super fund fees?

By taking a closer look at your super fees, you might save money
Take a closer look, see if you can save money on your super fees. Seek advice if you need help.

Luke as a  Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals. He can also help you review your superannuation fund to make sure you’re not paying too much. Will 2021 be the year you make sure your super is working hard for you?

Envision 2CC offer:  Your first appointment is at our cost. Make an appointment to confidentially discuss your own investment, super or retirement goals. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.

Luke will return to talk about financial planning on 2CC next Friday. You can also catch up with The Strategy Stacker – Luke Talks Money podcast.  We look forward to your company again.

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