Financial Planner Expenses At Super Funds
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Annual Fund Level statistics - Financial advice Expenses
APRA have recently released their ‘Fund Level’ superannuation data for all funds and includes for a second year, the expenses incurred for financial planning.
Below is a summary of the key data analysis taken from dashboard 11A, Advice Expenses in our Fund Level Statistics Dashboards (available only to members)
In total for 2024, advice expense increased by $371 million (M), or 28%
Total expense in 2024 was $1,700M versus $1,328M for 2023
Industry Funds and Retail funds both rose by 29%
Retail funds was easily the largest grouping generating $1,460M of advice expenses
Largest advice expense by fund was Wealth Protection Superannuation and Pension Fund (AMP / North), generating $322M of expense and up 9% on last year
Second was Colonial First State at $296M up a massive 171% on last year. Much of this was due to clawing back over $41M last year from advice fees as part of its remediation program.
Macquarie, HUB and Netwealth fill the next three positions
Australian Retirement Trust (ART) had the largest expense for Industry Funds at $57M up from $38M in 2023.
ART also paid the most to Financial Advice expenses to externals of all Industry Funds at $31.85M, next was AustralianSuper at $22.71M followed by a large gap to Spirit Super at only $0.86M
The largest Financial Advice expense (internal) was Aware Super at $37.69M followed by UniSuper at $15.80M.
Snippet from Dashboard 11A - Adviser Expenses By Fund Type 2024 Vs 2023. Full and detail listing at the website.
There is a lot of detail in the data - if you need assistance to work through it all, please call or email using the options at our contact page
