Selecting the right advice for you

By Trevor Schmid, Manager, UniSuper Financial Advice Centre

Making informed decisions now could make a big difference to your financial future.

A common perception of financial advice is that it’s only for certain kinds of members—like those approaching retirement. But even small changes now can have a big impact over time.

As a UniSuper member, you have access to Select Advice, a ‘bite-sized’ advice package that covers topics like (but not limited to) investment choice, contributions, and insurance. It gives you simple access to quality scaled personal advice on the topics which matter most to you in the here and now.

For most Australians, investments inside the super system will be one of their largest financial assets—second only, perhaps, to the family home. Select Advice can help you make the right decisions.

Investment options

If you’re a member with accumulation super, choosing the most appropriate investment options could have a significant effect on your retirement—although it’s equally important to consider your other goals, your investment timeframe and objectives, and other factors. For example, a member with a long investment timeframe may be prepared to ride out investment highs and lows from more growth-focussed investments. On the flip side, a member with a short investment timeframe may prefer the lower risk that more defensive assets can bring.

Taking your personal goals into account also applies to decisions about whether to make additional super contributions, and whether those contributions are made before or after tax.

Understanding Defined Benefit Division rules

Particular rules also apply to contributions to the Defined Benefit Division (DBD). Select Advice can help our DBD members by recommending contribution strategies that can help them reach their goals and navigate baffling concepts like ‘notional taxed contributions’.

Investments can be complex, with savings strategies, risk profiles and investment timeframes to consider. Our advisers can assess your unique situation to determine the most appropriate strategy.

Choosing the right insurance

Insurance is a topic that can glaze the eyes of even the most compassionate conversationalist, but it is an extremely important decision. Appropriate insurance can give you financial security and peace of mind if you become temporarily or permanently ill, injured, or worse.

The types of insurance you can access are quite varied and cover a range of different things, so it’s prudent to consider appropriate advice relevant to your particular situation, even if you’d rather watch paint dry!

Cost

Select Advice typically costs between $395 and $700, and the cost can generally be deducted from your accumulation super.

We work with you to determine the most appropriate solution for your situation and can refer you to our comprehensive advice service if you need a more holistic approach.

Whether you’re saving for a home deposit, your children’s education or even that big holiday, Select Advice is able to provide limited advice outside of super.

To find out more, and to see if Select Advice can help you, contact UniSuper Advice.