Sorting your super

The situation

Bec, 46 had been worried about her super funds for years. She knew she should consolidate everything but she also had multiple insurance policies in each of her funds and wasn’t sure if she should be cancelling her cover.

How we helped

• We carried out a ‘risk profile questionnaire’ in order to find out her tolerance for investment risk.

• We discussed the different investment styles available to her. Bec told us that she values environmental sustainability and asked us to look into some options that align with her values.

• We compared all of her super funds to determine which one was the best value (product fees, insurance premiums, features, investment returns, investment options). We also compared other super funds on a like-for-like basis to ensure there isn’t a better option for her.

• We were also able to track down some lost super money at the ATO for her.

• One of her current super funds had all of the features and low fee structure that she required. We consolidated all of the other funds and selected a sustainable investment option that aligned to her goals.

• We conducted an ‘insurance needs analysis’ to determine what types and amount of cover she needed at this point in her life. The Life and TPD (Total and Permanent Disablement) insurance within her recommended super fund was more than she needed, so we were able to reduce some of the amounts (and premiums).

The results

Bec is relieved that this part of her finances has finally been tidied up. She decided to catch up in 12 months to review the super fund and make any updates (if necessary) to ensure she stays on track. She hopes to be in a position to explore other areas of her finances at our next meeting.