Fees and Commissions Wiped Your Superannuation
According to the Rainmaker survey commissions charged on superannuation run by the banks and institutions transfer YOUR wealth into their pockets. Including:
- AMP-AXA earns $1.1 billion
- CBA earns $800 million (including Count $300 million)
- ANZ earn $600 million
- NAB earns $500 million
- Westpac earn $400 million
The Industry Super Network’s chief David Whitely suggested these fees could be as high as $1 out of every $8 paid into super funds each year and that more than 2,000,000 fund members pay commissions for services they actually never get. The often hidden commissions and trails are worth nearly $3 billion per year – are paid for financial advice that often you do not even receive. How much did your super grow by in the last 5 years? Let me help you – it did not, and your super probably showed losses and not much to show for in the past 10 years.
In the meanwhile the commissions paid over those 10 years were about $30 Billion. Aussie dollar is at parity to USD, so this picture illustrating $30,000,000,000 shows you the size of how much money you gave away.
Download a Powerpoint Presentation showing how much this is in size and suggest this blog page to your friends and collagues.
What could you do with that much money? Maybe it's time to consider a self-managed superannuation and stop transfering away your wealth? What is a SMSF?