Superannuation Advice Guide — When and Why You Need It

Superannuation advice can be valuable at several key life stages:

• Starting your career — choosing the right fund and insurance cover
• Changing jobs — consolidating multiple super accounts
• Mid-career — optimising salary sacrifice and contribution strategies
• Approaching retirement (5-10 years out) — transition-to-retirement strategies, drawdown planning
• At retirement — converting super to a pension, lump sum decisions, Centrelink interaction
• Considering an SMSF — assessing whether self-managed super is right for you
• Receiving an inheritance — how to make the most of a lump sum
• Divorce or separation — super splitting and re-planning

The closer you are to retirement, the more important professional advice becomes — the decisions you make about super drawdown, pension products, and tax can have lasting consequences.

A qualified super adviser can assist with:

• Fund selection — comparing fees, performance, insurance, and features across funds
• Contribution strategies — optimising concessional and non-concessional contributions
• Salary sacrifice — structuring arrangements with your employer
• Account consolidation — combining multiple super accounts to reduce fees
• Insurance within super — assessing your life, TPD, and income protection needs
• SMSF setup and management — if self-managed super is appropriate
• Transition to retirement — strategies for accessing super while still working
• Retirement income planning — converting super into a sustainable income stream
• Estate planning — binding death benefit nominations and super succession

Intra-fund advice (through your super fund): Many industry super funds offer basic advice to members at low or no cost. This is limited to advice about your account within that fund — contributions, insurance, and investment options. It cannot cover your broader financial situation.

Personal advice from a financial adviser: A registered financial adviser can provide comprehensive super advice that considers your entire financial position, tax situation, and goals. This is the most thorough option and is necessary for complex decisions like SMSF setup or retirement planning.

General advice and education: Super funds, government websites (moneysmart.gov.au), and financial literacy resources provide general information. This can be helpful for basic decisions but does not account for your personal circumstances.

Self-Managed Super Funds (SMSFs) give you complete control over your superannuation investments, but they come with significant responsibilities:

• Potential benefits:**
• Full control over investment choices (including direct property, shares, and alternative assets)
• Ability to pool super with up to 6 members (usually family)
• Potential for lower fees at higher balances
• Estate planning flexibility

• Responsibilities and risks:**
• You are the trustee — legally responsible for all investment decisions and compliance
• Annual audit requirements
• Ongoing costs ($2,000 - $5,000+ per year for administration, accounting, and audit)
• Time commitment for administration and investment management
• No access to the compensation schemes available through APRA-regulated funds

General guidance: SMSFs are typically not cost-effective for balances under $200,000-$500,000. Always seek specialist SMSF advice before setting up a fund.

When looking for superannuation advice:

• Check ASIC registration — verify they are on the Financial Advisers Register
• Look for super specialisation — not all financial advisers specialise in super. Look for those with specific super experience or SMSF accreditation.
• Check for SMSF Association membership — if you need SMSF advice, look for SSA specialists
• Compare fees — super advice fees should be proportionate to the value they add
• Ask about their approach — do they recommend specific products, or provide independent advice?
• Consider ongoing vs one-off — for a specific super question, single-issue advice may be sufficient. For retirement planning, ongoing advice may be valuable.

Our directory lets you filter for advisers with superannuation specialisation in your area.

Before paying for advice, consider these free resources:

• Moneysmart.gov.au — ASIC's consumer website with comprehensive super guides and calculators
• Your super fund's website — most funds offer educational tools, calculators, and basic intra-fund advice
• ATO Super Info — the ATO provides information about contributions caps, tax, and your super accounts
• myGov / mySuper — track all your super accounts in one place through your myGov account
• National Debt Helpline (1800 007 007) — free financial counselling for anyone in financial difficulty

These resources can help you make basic decisions. For complex situations — especially approaching retirement or considering an SMSF — professional advice is recommended.