Most people who switch superannuation providers seek help when they do, according to a Roy Morgan report.
In the 12 months to December 2014, over two thirds of Australians (72 per cent) went to a professional, like a financial planner or an accountant, before making a superannuation change.
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The level is up from findings published in 2010 which said that 68.8 per cent of people got help before changing their superannuation deals.
While that level does not represent a really significant rise, there have been interesting fluctuations and changes in the type of advice sought.
More people, about 9.4 per cent, get help from financial planners and advisors. There was also a 4.3 per cent rise in those that chose to go directly to a financial institution for these matters.
The rate of superannuation advice sought from an employer, family or friend and accountant dropped.
The sharpest decrease was advice from the employer which fell from 27.5 per cent to 18.7 per cent from 2010 to 2014.
Industry communications director from Roy Morgan Research Norman Morris said: “While it is a positive trend that more people are seeking advice when switching their superannuation fund manager, there are still some issues regarding where people get advice
“Not to mention the 28% who don’t get any advice,” Mr Morris said.
“Only around a third of those who switch their superannuation getting professional advice, combined with the considerable lack of engagement and understanding by many in superannuation.”
Those moving to self-managed super funds were most likely to look for advice while major retail funds and industry funds followed.
The median level in superannuation for people seeking professional help is $102,000.
That’s compared to $44,000 for those who seek no advice.
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