When VFS Group looks to find an appropriate Superfund for a client, we look at a number of things. Firstly, we take a holistic top-down approach to the task, at the forefront of our thoughts is the client’s financial position, the balance of the super and the goals and objectives behind investing in super.
We will tailor a solution which suits your needs, taking into consideration not only the amount of money you have in superannuation but also the management fees, administration fees, available investment assets and other benefits available.
Industry funds differ from Retail funds in that Industry funds were originally created or organised through unions in Australia and thus their primary goal was to create a superannuation industry which limits the amount of fees paid to managers and advisers and ultimately benefits the members. Industry superfunds are generally very low cost schemes however with this they ultimately have very limited benefits and features, for example:
- Choice of investment options
- Direct share investments
- Insurance coverage and limits on the terms
Retail funds whilst giving individuals a lot more choice and features do come at a higher cost, these funds are run primarily by the banks and other wealth institutions (AMP, IOOF etc etc.)