With Whiteley making comments like this "With eight in 10 Australians not choosing their own super fund there needs to be a default super safety net that ensures only the very best performing funds over the long term can be default funds," I hope the FPA respond with the figures that show the value that advice can bring especially with respect to investment options selected within a super fund.

Time and time again, industry fund clients come to me asking whether they are invested appropriately. Time and time again, the evidence has shown that they have been underinvested in growth assets. That has a bigger issue on the investment outcome than fees and the performance of "default" funds.

Whiteley can take an easy argument and compare investment returns for "default" investment options if he wishes, but my clients benefit from having a tailored investment strategy put in place with their specific investment needs, goals and attitudes properly considered.

It's about the opportunity loss when settling on a default fund in any super product for that matter.

Advice is crucial. I guess it's unfortunate that the developments in recent times ie FOFA has now put the cost of advice out of the reach of many Australians...thanks Chris Bowen etc etc.

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A cursory review of the McKell Institute profile is quite revealing. If we look at the Chairperson, Executive Director and 10 Directors, only one has not had a direct association with either the ALP or the union movement (and that one exception is known to be a long-standing friend of Mark Latham......mmm). A bit like asking the tobacco industry to comment on the health implications of smoking!

I concur with RB's comments above completely. Industry Super advertising compares themselves favourably with the average retail fund (whatever that might be) and draws the strong inference that financial advisers "commissions" are partly to blame for the lower retail returns. In reality, the overwhelming majority of these retail investors do not have an adviser. The fact that when advisers are engaged, they help their clients to "build portfolios" (not select a single fund) is ignored....their comparisons are self-serving and illusory.

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