Advice and your super

Super can become one of the largest financial assets you'll own, yet many of the decisions that affect it can feel difficult to navigate on your own. From choosing an investment option and making additional contributions through to planning for retirement income, the decisions you make today can influence your financial future for years to come.

The right superannuation advice can help you make those decisions with greater confidence. Some questions may only require general information, while others may benefit from personal advice that considers your objectives, financial situation and needs. Understanding the different types of support available is the first step towards finding the help that's right for you.

Superannuation advice is guidance about your super and the decisions that can affect it throughout your life. It can help you understand how super works, make informed contribution and investment decisions, consider insurance through super, plan for what happens to your benefits when you pass away and prepare for retirement with greater confidence.

The right type of support depends on the question you're trying to answer. Understanding the difference can help you avoid paying for more support than you need while ensuring you have enough guidance when making important decisions.

Advice exists on a spectrum. At one end is general information, which helps explain concepts and rules without taking your personal circumstances into account. At the other end is personal advice, which considers your objectives, financial situation and needs before providing recommendations.

General information is educational. It helps you understand a topic, such as contribution limits, investment options or how super works, without recommending what you should do.

Personal advice is different because it considers your circumstances. An adviser takes into account your goals, financial position and needs before making recommendations that are designed specifically for you. This may include recommending the right contribution types and amounts for you, or recommending an investment portfolio for you.

This distinction is important because not every decision requires personal advice. Sometimes learning more about a topic is enough to help you move forward. At other times, particularly when significant amounts of money or long term retirement outcomes are involved, personalised guidance may provide additional confidence and clarity.

The right type of super advice depends on the decision you're trying to make. Some questions only require general information, while others may benefit from personal advice tailored to your circumstances.

A useful starting point is to consider whether you're looking for education, help with a specific decision or a broader financial plan.

If you're trying to understand how super works, compare investment options or learn about contribution rules, general information may be enough.

If you have questions about your existing super account, such as investments, insurance or contributions, more targeted super-related advice may help answer those questions.

If you're making larger financial decisions, such as assessing your personal finances beyond just your superannuation, a broader advice relationship may be more appropriate.

The goal isn't to choose the most comprehensive advice available. It's to find the level of support that matches the decisions you're facing.

Each advice type offers a different level of support, personalisation and scope.

General information explains how super works and helps build your understanding of different topics.

It can include information about contribution rules, investment options, insurance inside super, retirement concepts and other educational material. It does not include personal recommendations or take your circumstances into account.

This option is often suitable for people who are building their knowledge or researching a topic before deciding on their next step.

Intra fund advice generally focuses on your existing super account.

Topics may include investment options within the fund, contribution strategies or insurance held through your super account. It is typically limited to matters relating to your fund and does not consider your broader financial circumstances.

This may suit members who have a specific question and need targeted assistance rather than a complete financial plan.

At CFS, super advice gives you personal advice from a qualified CFS adviser on specific super decisions, such as how your super is invested or how you contribute, at no extra cost to eligible members. 

Scaled or limited personal advice focuses on your current situation.

For example, you might seek advice about contributing more to super, preparing for retirement or reviewing a particular investment strategy.

Because the scope is limited to an agreed set of topics, it can provide personalised recommendations without requiring a comprehensive review of your entire financial situation.

At CFS, one-off advice gives connects you with a specialist advisor for personal advice on a specific topic such as super, investments, retirement, insurance, debt or estate planning. It's a good option when you have a single decision or question you’d like expert help with, without committing to an ongoing arrangement.

Comprehensive personal advice takes a broader view of your financial position.

This may include your super, investments, insurance, income, assets, debts and retirement objectives. Recommendations are designed to work together as part of a coordinated plan.

This type of advice can be particularly valuable when your circumstances are more complex or when major life and financial decisions are interconnected.

At CFS, comprehensive financial advice connects you with an adviser you choose from a national network. They can help bring the different parts of your financial life together into one coordinated plan. It can be particularly valuable when your circumstances are more complex, you're approaching retirement, or you want ongoing support to stay on track.

Different advice pathways suit different needs.

The best option depends less on your age and more on the decision you're trying to make. 

Different life stages often bring different questions and priorities.

If you're early in your career or beginning to pay more attention to your super, your focus may be on understanding the basics.

Common questions include:

• Should I consolidate my super accounts?
• Which investment option is right for me?
• How do employer contributions work?
• Should I make additional contributions?

General information is often the best place to start.

Many people find themselves needing help with one particular decision.

You may be considering changing investment options, making additional contributions, reviewing insurance cover or preparing for an upcoming financial milestone.

In these situations, focused advice on a specific topic may provide the support you need without requiring a broader financial review.

As retirement approaches, your questions often become more interconnected.

You may be thinking about:

• how much retirement income you'll need
• how long your savings may last
• when to access your super
• whether to continue contributing
• how to balance growth and stability within your investments

Comprehensive advice can help bring these considerations together into a coordinated plan.

Major life events can affect your financial priorities and retirement plans.

Examples include:

• changing jobs
• receiving an inheritance
• redundancy
• divorce or separation
• illness
• selling a business

These situations often create new decisions and opportunities that may benefit from professional guidance.

The short answer is whenever a decision could have a meaningful impact on your long term financial future.

That doesn't mean every question requires personal advice. However, it can be worth seeking support when you're:

• making significant contributions to super
• adjusting your investment strategy
• reviewing insurance cover
• approaching retirement
• planning to access your super

The earlier you address important decisions, the more options you may have available to you.

Whether you're looking for straightforward information about your super or support with more complex retirement decisions, CFS offers a range of ways to help.

You can access educational content, calculators and tools designed to help you better understand superannuation, retirement planning and investing.

If you'd like more personalised support, CFS can help you explore the advice pathways available and understand which type of support may be appropriate for your needs.

Through FirstNet, you can review your balance, contributions, investment options and account details in one place, helping you stay connected to your super and make informed decisions as your circumstances change.

Before meeting with a financial adviser, it's important to understand any fees and costs that may apply. Then, preparing a few questions in advance can help you get more value from an advice conversation.

Consider asking:

1. What qualifications do you hold?
2. What type of advice do you provide?
3. What will the advice cover?
4. What will be excluded from the advice?
5. How are fees charged?
6. How will recommendations be documented?
7. What information do you need from me?
8. What risks and trade-offs should I understand?
9. How often should my plan be reviewed?
10. What happens if my circumstances change?

You may also find it helpful to bring your latest super statement, details of your income and expenses and information about any insurance you currently hold.