Compare the Pair
Whatever works for ME as a person
A difficulty I face when I am trying to sort out fact from fiction is that there often exists a 'vested interest' - information is skewed toward the outcome the organisation prefers to occur. At the end of the day, what works better for me as a person, is perhaps a key I might prefer to focus on? A Personal Service tailored to a need of yours tends to be a bit more helpful.
How much do Industry Super Funds spend on self-promotion and self-interest?
"The eight most powerful industry superannuation funds paid about $6 million in sponsorships, promotions and directors’ fees to labour unions last financial year as part of a mammoth $197.1 million marketing spend.
They also funnelled millions of dollars into sponsorship deals for the AFL and a slew of sport teams, as well as fees to union-connected organisations such as the Australian Council for Trade Unions and trades halls."
A retail superannuation fund - certainly not a Personal Financial Adviser - have nowhere near as much money to 'spend.'
AustralianSuper takes billion-dollar hit on venture capital failure
"AustralianSuper, the country’s largest superannuation fund, has been forced to write off more than $1.1 billion in equity and loans tied to an American online education start-up, marking it as its single worst investment in venture capital.
The fund, which manages $341 billion in retirement savings for more than 3 million people, has aggressively expanded its investments in private credit and private equity, including in the United States. But it has worn a loss of $US757 million on Pluralsight, a Utah-based video training firm once valued at more than $US5 billion."
Unfortunately this is a common story where money has few places to be invested and the seeking of return seems to overtake adequate prudence.
Controversial Cbus-CFMEU relationship did not improve member outcomes: report
"The Australian Prudential and Regulation Authority (APRA) demanded Cbus engage an independent expert to examine the fund’s ties with the CFMEU.......
The review was also tasked to assess whether Cbus’ directors had acted in the best financial interests of the fund’s members.
While the report cleared all board members, including the newly appointed CFMEU representatives Paddy Crumlin, Jason O’Mara and Lucy Weber, as passing a fit and proper persons test, Deloitte said the self-assessment process placed too much emphasis on time served, posing a “risk that the assessment is not rigorous enough” and the board was “over or underestimating its collective competence”. It also recommended establishing a formal mechanism to reject a nominee.."
What is it the advertising says? "Run only to benefit members...." Hmmmmm.
Perhaps have a chat with a Financial Adviser and get a Personal Service
As a client you will tend to have a question - I have an answer to a commonly asked question. You might like to benefit from a personally tailored response.