How To Choose The Best Super Fund??

REUBEN: Welcome back to the Finance Hour. Now this is one of my favourite parts of the show. It is time for Craig’s Hack of the Week. Craig.

CRAIG: Well, I know you like how technical these have gotten with technology and apps and all that. I’m going back to paper again, with some basic questions. I hope you don’t mind.

REUBEN: No, no. Go ahead.

CRAIG: So the topic of this week is Superman or Superwoman, I guess, to be politically correct.

What I thought we could share with people is just what we actually go through when we’re doing the research for people. It isn’t actually as difficult as most people think. I guess the hard part, there’s a difference between data and interpreting the data, and I think that’s where you need help.

We’re going to share with people our actual checklist for contacting their super funds and getting the key information they need to help weigh up and make a decision whether or not their fund is what they expected it to be, or doing what they could do.

REUBEN: Exactly. Yeah.

CRAIG: The main ones I look at are just basic data:

  • Your balance,
  • Your investment options,
  • Whether you have any insurance,
  • and Fees.

I think if you’ve got those four things covered off, and look there’s some details underneath each of them, and they may not mean anything when written on the paper, but given to a person like yourself or I, we can quickly interpret whether or not it’s suitable.

But the biggest one I see is that there’s young people that are unaware of where they’re invested.

Old people are unaware of where they’re invested.

They might have 100% percent of the money in shares, for example, when they’re … If I said that to them, they’d be horrified.

But because they don’t know, they don’t know. I think that knowledge is really powerful when it comes to super.

REUBEN: Yeah. Yeah, and I guess people look online as well.

CRAIG: Yeah.

REUBEN: Because I suppose sometimes are waiting. I know with my staff, the waiting line on some of those phone calls can be pretty horrible.

CRAIG: Correct. But even, I mean another hack of the week, if you are on hold, if they’re going through all the options, just pressing hash multiple times will get you through to an operator.

REUBEN: Gets you through pretty quickly.

CRAIG: Really, really quickly.

REUBEN: There you go.

CRAIG:  So I guess there’s another. That’s a bonus hack of the week, I guess.

REUBEN: That’s a high tech hack of the week.

CRAIG: Well, that’s a frustrated, phone holding hack of the week. yeah, so … I’ve given it to you as well, so if people do want that, can they email that into you?

REUBEN: Yep. They can email. Email [email protected], and we will shoot that through to you. Thanks very much, Craig.

CRAIG: You’re welcome, mate.

Download the checklist here

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