Yes I got burnt with this - not with my super but I was working overseas and had some money in an international bank in rolling term deposits. I was convinced to move to a platform for a variety of reasons and not only lost a chunk in fees, I also would have had a better return if I’d stayed with my original term deposit - the eventual return from the platform investment being half that promised.
Such an important article Bec, and clearly explained. Being advised to move to a platform was exactly what happened to me earlier this year. I had a smallish super balance and very straightforward needs. Given this was the biggest financial decision of my life, I took a step back when my instincts told me this wasn't the best option for me, so I paid for advice from an existing fund. Such an expensive exercise but so important. Ended up staying with a fund and allocated pension, simple and not reliant on one person.
Yes I got burnt with this - not with my super but I was working overseas and had some money in an international bank in rolling term deposits. I was convinced to move to a platform for a variety of reasons and not only lost a chunk in fees, I also would have had a better return if I’d stayed with my original term deposit - the eventual return from the platform investment being half that promised.
Such an important article Bec, and clearly explained. Being advised to move to a platform was exactly what happened to me earlier this year. I had a smallish super balance and very straightforward needs. Given this was the biggest financial decision of my life, I took a step back when my instincts told me this wasn't the best option for me, so I paid for advice from an existing fund. Such an expensive exercise but so important. Ended up staying with a fund and allocated pension, simple and not reliant on one person.