Rice Warner: Why standardised fee disclosure for MySuper accounts is lacking

One of the key features of the development of MySuper products was the setting of standard rules for all default superannuation funds accepting mandatory employer contributions.  The goal of the legislation was to simplify fees so that members can see what they pay. It also was designed to enable a fund member to compare his or her fund against other MySuper products.

The fee scale is simple – with separate values applied to administration and investments.  The former (which covers operations, marketing and many other non-administration matters) is typically set at $1.50 a week. 

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Research reveals clients do know what they want to ask, after all

Research reveals clients do know what they want to ask, after all

As AI is adopted more in financial advice, firms are experimenting with conversational AI to make first contact with clients who are unsure if they need financial advice or who are not yet ready to speak to a person. An Otivo and Borromean report shows that unlike what has been believed, clients do know the questions they want answers to.

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