CFS research highlights super advice fees

Mike Taylor

Managing Editor and Publisher

3 June 2025

The ability of superannuation fund members to deduct advice fees from their super accounts has been reinforced by CFS Superannuation chief executive, Kelly Power, allied to the release of new research suggesting one in 10 are unaware of this fact.

The latest CFS Empowered Australian report revealed that two in three Australians want to see the Government implement changes to make financial advice more accessible.

The report also identified significant gaps in consumer awareness of how advice can currently be access, with nine in 10 Australians admitting they were unaware they cold pay for advice using their superannuation.

Based on a survey of 2,250 Australians, the research found that women are more likely than men to be disproportionately impacted by their financial situation, with one in three saying their mental health has been negatively affected compared to one in five men.

In addition, women (67%) and Australians aged 40 to 49 (71%) are the most eager to see legislative changes from Government that will improve access to financial advice.

Commenting on the findings Power said Australians support the Government making financial advice more accessible.

“With the Government re-elected, there is now an opportunity to complete these important reforms, to make it easier for advisers to provide more advice to more Australians. We should not lose sight of the fact millions of Australians will be approaching retirement over the coming decade and the current framework will mean too many are unable to access the help they will need,” Power said.

“As Government starts developing new guidance on super and retirement, this should also inform all Australians that if the financial advice relates to issues associated with how you could use your super to save for retirement, the cost of that advice can be deducted from your super account,” she said.

“For example, if you are approaching or entering retirement, you can speak to a financial adviser about critical issues such as contribution levels, how to setup your pension and regular payments, and investment strategies that can give you more confidence about how long your savings will last. The financial adviser’s fees for that advice can be deducted from your super account.”

Previous CFS research found that Australians who receive advice are more than twice as likely to feel financially prepared for retirement and twice as likely to retire at a time of their choosing compared to those who do not receive advice.