Super dominates advice strategies

At the same time as the Australian Securities and Investments Commission (ASIC) has sought to maintain a spotlight on financial advisers over superannuation fund selection, new data has confirmed just how dominant superannuation-related advice really is.

The latest analytics from Padua Solutions has revealed that superannuation-related advice accounting for more than 30% of that provided by advisers in August and that pension-related advice accounted for over 20%.

Interesting because of the position adopted by ASIC is that the Padua data points to the majority of the superannuation-related advice being around retaining or changing an existing superannuation account or retaining or changing an existing pension account.

But, equally importantly, “establishing a new super account” represented a comparatively small portion of the advice provided.

Padua co-founder, Matt Esler said there were 266 strategies recommended in August, representing 23.4% of the total technical strategies available to be recommended by financial advisers.

He said it also represented 74.4% of the total unique strategies in the June quarter.