I am a 33y.o doctor employed in NSW health. I know these financial / accounting matters are very complex, but can someone advise what's the best superannuation fund for my situation. Any suggestions welcome with thanks.
Best Superannuation Fund in NSW
DiLs on 08/07/2019 - 08:02
Comments
Go for high growth option with long term investment view:
Why? With Jesus' return imminent surely a short term strategy would be better and more in keeping with the faith?
I wonder if you can get reduced taxation due to it being a religious institution?
It's not a religious institution. Its a commercial entity which aligns its investments with faith based principles.
Yeah…I was only joking
Better returns elsewhere
The slight tradeoff in returns are for those who don't want their super funding certain industries (e.g tobacco, weapons manufacturing, pornography…)
I've simply given OP a different option to consider than the "rest of the bunch" eg Aussie Super, First State Super, REST…
Many super funds offer ethical options.
https://www.finder.com.au/super-funds/ethical-super-funds
Others offer particular investment funds with ethical screens.While I am leery about the statement that the Old Testament is infallible, their screening looks pretty good from my personal moral position.
I could do without a couple of items, but not investing in something I find acceptable and they don’t isn’t going to move the needle on returns.
There is no "best superannuation fund". You can only attempt to distill this down to a short list after considering a range of factors, most importantly your personal financial situation, goals and risk tolerance, plus any insurance requirements you may have.
The only advice I can give is to make sure you consolidate all your super funds and have it all in a industry fund.
There are plenty of industry funds out there but if you are in a industry fund then you are already miles ahead of many of the retail funds out there.
HESTA
Australian Super. Low fees, good returns.
Australian Super.
First State Super
Hesta.
HostPlusLook at fees as well as returns.
At your age go for high growth rather than balanced (IMO).
Consider a custom mix for reduced fees rather than accepting the default mix.
Find out what the other doctors are doing to structure their finances…
Past performance is no guarantee of future results
The answer is the industry fund with the lowest fees - stay the hell away from retail super funds
at this stage i recommend Hostplus
My only advice is 'You cant control how your super performs all you can control is the fees you pay to them'
i'd be careful of these blanket statements regarding industry super funds have the lowest fees. There are a few retail super funds out there that have very competitive fees, but it will depend on your super balance. If you have a small balance, a retail fund with a % based admin fee could work in your favour, but if you have a large balance a super fund offering a fixed dollar fee would obviously be more beneficial for you.
industry funds generally have a large exposure to unlisted investments, so if transparency is important to you, you'll find it difficult to determine where your money is being invested.
Which retail funds are more competitive in terms of fees?
I would go for HESTA, because their call centre staff are accustomed to dealing with arrogant doctors (not saying that you are, but if you are, it's a bonus). Also they will always call you 'Dr DiLs' rather than just 'Mr DiLs'. You can't put a price on that.
It's probably not going to make a massive difference who you go with if you plan to be earning big bucks in the next 10 years or so. At that point you'll probably get a financial advisor who will set you up with a SMSF or some complex wrap fund instead. Will you be better off? Maybe, maybe not, but hopefully you'll feel like you are because the advisor won't be cheap.
Actually, it's probably better to go with a poor performing fund now so when you eventually get the advisor you'll feel like you're getting better value.Also, ignore the advice about asking another doctor about how they've structured their finances- unless you've got a few hours or need help falling asleep. Source: I have many friends who are doctors.
edit: There's some other reasons you might want to go Hesta - for example they give members on maternity leave a 12 month break on insurance fees but they stay covered. Again, may not apply to you, but many people I know in the healthcare industry think it's a great benefit for the industry- particularly for nurses on maternity leave as maintaining their insurance coverage is really important.
Thank you very much every one for your time and suggestion
so what did you go with Dr DiLs?
Invest with Christian Super - they invest all money ethically and screen out harmful industries, whilst still getting decent market returns. Go for high growth option with long term investment view:
https://www.christiansuper.com.au/ethical/
https://www.christiansuper.com.au/returns/