Franco Morelli

[Franco Morelli @FJMorelli]

Today we released an industry first deep-dive into super fund self report cards. No surprise all funds said they were promoting the best interests of members. Here is a thread of examples of poor performing funds and how they tried 'claim' it was all A-OK⬇️⬇️⬇️

[ulurustatement @ulurustatement]

OUR NEW AD IS LIVE!

You’re the Voice that will make history.

On 14 October, we know we all can stand together with the power to be powerful.

#HistoryIsCalling, so #VoteYes. Are you in? John Farnham is.

#UluruStatement #StayTrue2Uluru #YoureTheVoice #VoteYes

[Rosie Thomas @_rosie_thomas]

Last night’s Budget included 5 years funding to continue an independent consumer advocate in the superannuation sector.

Congratulations to @xavierohalloran who has worked tirelessly for five years to build @ConsumersSuper. I can’t wait to see what’s next!

[Xavier O'Halloran @xavierohalloran]

@Jess_Irvine on how to get affordable conflict-free financial advice to middle Australia. https://t.co/dP8HbIu6zZ

[Scott Phillips @TMFScottP]

@xavierohalloran @Jess_Irvine Yep, @Jess_Irvine isn't wrong.

I made a similar point, here: https://t.co/gw7qzf7eyn

I like that she's also including things like bills and other consumer benefits.

Let's do it!

[Franco Morelli @FJMorelli]

https://t.co/2nvX4Bv1i5

"What the Levy review seems to miss, in my view, is any vision of where Australians could potentially access advice outside of qualified advisers or product issuers."

@Jess_Irvine does a great job running through an idea that deserves proper analysis.

[Franco Morelli @FJMorelli]

Really disappointing to see the super funds with some of the highest marketing spend per member just blanking members who genuinely took the effort to engage and ask their fund to quantify the benefit to them and their retirement.

Way to squander a chance to be better.

[Franco Morelli @FJMorelli]

Super fund advice can't do everything. You should know what it's good at and what needs a prudent eye before seeking it. See more below.

[CHOICE @choiceaustralia]

We asked five people, a mix of CHOICE and Super Consumers Australia staffers and CHOICE members, to road test the 'free' personal advice offered by their super funds. Read more: https://t.co/S32BWrEyTt

[Super Consumers Australia @ConsumersSuper]

Many super funds offer advice for their members. This service is paid for collectively by a fund's membership.

Some CHOICE staffers tried out this advice. Here's what they found:

#financialadvice #retirementplanning

https://t.co/Yko48S1L8l

[Super Consumers Australia @ConsumersSuper]

Did you know most super funds offer a limited form of #financialadvice? We road-tested some funds' offerings.

Here's what we found out.

cc@choiceaustralia

https://t.co/YvxFsR4OoI

[Franco Morelli @FJMorelli]

A few CHOICE and Super Consumers staffers tried out some super fund financial advice recently. We wanted to give consumers a better idea of what they need to know and what to expect!

Read it here 👇👇
https://t.co/wkaHquj2Pb

[Franco Morelli @FJMorelli]

We really need to devote time to working out the best holistic way to efficiently protect people and their families in the event of illness or injury.

Insurance in super, life insurance advice, workers comp, NDIS. Let's stop working in policy silos.
https://t.co/7JHgTRzvkd

[Franco Morelli @FJMorelli]

There are other options.

The Sept 2022 Transforming Financial 'Advice' Report from the Conexus Institute and CoreData looked at who consumers trust.

# 1⃣ ATO
# 2⃣ MoneySmart
Daylight...
# 1⃣6⃣ Banks

You can't close the gap without the consumer too.

https://t.co/ubqAbCuN7n

[Franco Morelli @FJMorelli]

Thousands of consumers could have been left confused by the content of these communications. Don't blame them for not switching.

[Super Consumers Australia @ConsumersSuper]

In our new research blog, we fact-checked some of the communications from super funds that failed the performance test and asked: 'Are our funds being honest?' @choiceaustralia

Read: https://t.co/TPdSTMh87A

[Super Consumers Australia @ConsumersSuper]

New article: Our research has found that funds that failed the government's annual performance test have reduced their fees by more than 20% on average.

cc: @d_herborn @choiceaustralia

Read: https://t.co/mqwSsgAdNm

[Franco Morelli @FJMorelli]

👇👇 https://t.co/5J6aooIbad

[Franco Morelli @FJMorelli]

Submission:
https://t.co/ZPF50LajYg

[Franco Morelli @FJMorelli]

The performance test is doing its job.

But as we point out in our submission to the YF,YS review the next step is to drive healthy competition among funds at the top end of the market.

Improvements to help people either default into or select high performing funds are needed.

[Super Consumers Australia @ConsumersSuper]

New research from Super Consumers Australia has found products which failed the annual super performance test have on average cut their fees by 20%.

See our MR and blog:
https://t.co/tEQgMJkodq
https://t.co/XdWB2yTZMZ

[Franco Morelli @FJMorelli]

In just over one year, every fund bar one that failed the first performance test has addressed their underperformance, or is merging with a better performer. We found failed funds cut their fees by 20%.

Time to put the rest of the market to the test.

https://t.co/4QnpEYOBm0

[Consumer Action @consumer_action]

"We're calling for new rules to place obligations on banks and firms to detect scam transactions, prevent them and importantly, reimburse blameless victims" says @gerardbrody
@WEstjusticeCLC @FCAupdate @FCVic_org_au @CommunityLawVic @StephenJonesMP
https://t.co/KS0D7iaIXi