Here’s something I’ve seen more times than I can count in ten years of advising families across Brisbane’s western suburbs.
A new client sits down at my desk in Middle Park. We open their super statement. And the fund they’re in, the one holding the bulk of their retirement savings, was chosen by a payroll officer at a job they left seven years ago.
Not by them. Not by an adviser. By a default box on a form.
If that sounds familiar, you’re not alone. The vast majority of working Australians end up in a default super fund through their employer, and then simply never look at it again. It’s the “set and forget” approach, and over a working lifetime, it is one of the most expensive assumptions you can make.
As financial planner based in Middle Park, this is the conversation I end up having most often. Let me walk you through why your super default matters, what it’s actually costing you, and when it’s worth getting personalised advice.
Heard of This One?
The "Set and Forget" Myth
Superannuation is built on a simple promise: a portion of your income is invested over decades so that one day, you can retire with dignity.
The problem is that how those contributions are invested, and what they cost you in fees, varies wildly. And when you never review your super, you’re accepting the default options on both.
Most default super funds will place you in what’s called a “balanced” or “growth” investment option. For some people, that’s appropriate. For many others, particularly those closer to retirement, or those with a lower tolerance for market volatility, it can be entirely the wrong setting. You might be taking on more risk than you realise, or paying for a level of insurance inside your super that duplicates cover you hold elsewhere.
None of this is a disaster in isolation. But compounded over twenty or thirty years? It adds up.
What “Accidental” Super Actually Costs You
Let me give you a straightforward illustration of how small differences compound.
Imagine two funds. One charges 1.5% in total fees per year. Another charges 0.85%. On the surface, a 0.65% difference sounds negligible. But applied to a super balance of $150,000, growing over 25 years to retirement, that gap can translate to tens of thousands of dollars in forgone returns.
Now layer on a second factor: the investment option itself. If your default option is too conservative for your age and time horizon, you may be missing out on the long-term growth that equities provide. If it’s too aggressive and a market correction hits five years out from retirement, you may not have time to recover.
The point isn’t to panic. It’s to recognise that super is not a single decision you make once. It’s an asset that needs to be reviewed, ideally as part of your broader financial picture.
YOUR QUESTIONS
The Common Gaps I See
When I review a new client’s superannuation for the first time, there are four things I typically look for:
Multiple accounts and duplicated fees
If you’ve changed jobs several times, you may be paying fees across two or three funds simultaneously. Consolidating is usually straightforward, but it needs to be done carefully so you don’t lose valuable insurance cover.
Insurance you didn't know you had
An investment option misaligned with your stage of life
Beneficiary nominations that are out of date
Each of these is fixable. But only if someone takes the time to look.
When to Get Advice (and When You Can Act Yourself)
I want to be straightforward with you, the way I’d be if you were sitting across from me.
Some superannuation decisions are simple enough to handle yourself. If you’ve got a single account, modest fees, and a long time horizon, consolidating duplicate accounts and choosing an appropriate investment option through your fund’s online portal is well within reach.
But the moment your situation includes any of the following, that’s when personal advice earns its keep:
- You’re within ten years of retirement and need to start thinking about how your super converts to income.
- You hold insurance inside super and aren’t sure whether it’s structured correctly.
- You’re a business owner with self-managed super fund (SMSF) considerations.
- You have multiple accounts, a complex employment situation, or significant balances across different funds.
- You simply don’t know whether your current setup is working for you, and you’d like certainty.
This is the work I do every day. Not product-pushing. Structural review. I sit down with you, whether that’s at my office in Middle Park, at your kitchen table, or over a video call, and we go through your super line by line. We look at the fees, the investment options, the insurance, and the beneficiary structure. And then we decide, together, whether any changes are warranted.
If they’re not, I’ll tell you. If they are, we’ll document a clear plan before anything moves.
One Simple Step
If this article has made you think about your own super for the first time in a while, that’s a good thing.
Here’s what I’d suggest. Log in to your fund. Look at your last statement. Find three numbers: your current balance, your investment option, and your total fees paid over the last year. If any of those numbers surprise you, or if you’re simply not sure whether they’re where they should be, that’s a sign it’s worth getting a second opinion.
You don’t need to commit to anything to have that conversation. My first meeting is always no-obligation. No ticking clock, no pressure. We simply sit down, look at where things stand, and figure out together whether your super is actually working as hard as you are.
Ready to look at your super with fresh eyes? Book a no-obligation first conversation with Jonathon, at our Middle Park office, over video, or at your kitchen table across Brisbane’s west.
The information in this article is general in nature and has been prepared without taking into account your objectives, financial situation, or needs. Before acting on it, consider its appropriateness to your circumstances and read the relevant Financial Services Guide and Adviser Profile before making any decisions. DeMar Financial Planning Pty Ltd is a Corporate Authorised Representative (ASIC No. 1310175) of Lifespan Financial Planning Pty Ltd (AFSL 229892).
Ready to start the conversation?
The first meeting is at no cost and no obligation. If we're not the right fit, we'll tell you - and probably point you to someone who is.
