澳大利亚养老金咨询服务存在模式差异，不同平台的费用上限差异悬殊，导致消费者难以获得简单、负担得起的建议。[1]财务顾问倾向于绑定持续投资管理服务以提高盈利能力，而养老基金则将咨询范围限制在基金内资产，这种市场分化加剧了消费者的困境。[1]
费用差异反映了监管差异的严重程度。Australian Super规定咨询费扣除上限为7700澳元或账户余额的2.5%（以较低者为准），而Australian Retirement Trust的上限为8800澳元或账户余额的2.5%加新咨询关系的1500澳元。[1]相比之下，HUB24平台允许的持续顾问服务费用高达账户余额的4.4%，在70万澳元账户余额时年费高达30800澳元。[1]澳大利亚证券和投资委员会在6月的平台审查中发现，三个平台没有设置咨询费上限。[1]超级成员委员会的研究显示，具有较高咨询费上限的平台吸引了更强的资金转入流。[1]
政府已将此列为改革优先事项。财政部长Daniel Mulino预期本周二宣布"提供更好财务成果"改革下一阶段内容。[1]
Australia's retirement savings system is grappling with a fragmented advisory landscape that makes affordable financial guidance increasingly difficult to obtain. Financial advisers typically bundle ongoing investment management services to boost profitability, while superannuation funds restrict their advice to assets held within their own funds, creating barriers for members seeking straightforward counsel[1]. This misalignment has prompted the government to pursue further regulatory reforms to address the issue.
The cost of advice varies dramatically across platforms, reflecting the lack of consistent guardrails. Australian Super caps advisory fees at either AUD 7,700 or 2.5% of account balance, whichever is lower, while Australian Retirement Trust permits up to AUD 8,800 or 2.5% plus an additional AUD 1,500 for new advisory relationships[1]. By contrast, the HUB24 platform allows ongoing adviser service fees to reach 4.4% of account balance—translating to AUD 30,800 annually on a AUD 700,000 account[1]. ASIC's platform review in June identified three platforms operating without any advisory fee caps[1]. Research by the superannuation members council indicates that platforms with higher fee ceilings have attracted stronger inflows of funds, suggesting fee structures influence member behaviour[1].
Treasurer Daniel Mulino is expected to announce the next phase of the "Better Financial Outcomes" reform programme on Tuesday, signalling the government's commitment to rebalancing protections and market incentives in the advisory space[1].