Super assets hit $1.6 trillion, investment returns at 4-year highBY ALEX DUNNIN | THURSDAY, 22 AUG 2013 12:35PMSuperannuation assets surged 15.5% last financial year to reach $1.6 trillion, reveals the regulator APRA in its just released June report. Related News |
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How is it that retail funds are not "shot down" when they are in denial about industry funds. The law demands ethical behaviour from advisers: how is it ethical for an adviser to advise a new client out of a high performing industry fund (and I mean a specific fund that has high long term performance not just any industry fund) into a low performing retail fund (and I dont mean any retail fund, but a retail fund with long term below average performance)?
Good comment Steve. It is actually illegal, not just unethical. But it depends on the reason for the switch.
Advisers can only recommend a retail fund replace an industry fund if the client says that they want certain features and benefits that are not available within their existing super fund, and the client is prepared to pay extra for those features. Eg direct shares, hybrid securities, interest rate securities, emerging market funds or other thematic funds for that matter. Some investors do want more investment choice. However since the GFC it is rarer that the average investor wants more choice and access to more sophisticated investment and trading strategies.