NEWS UPDATE: Super's ugly October
Superannuation fund returns moved further into the red during October, according to the latest SuperRatings data.
The data, released today, revealed the Australian share market had fallen 14 per cent during October and that the median balanced investment option for superannuation funds had experienced its highest-ever one-month fall of minus 6.65 per cent.
The ratings house said this had seen year-to-date returns decline by 9.36 per cent and the rolling 12-month return fall to an unprecedented minus 17.61 per cent.
The only bright spot for superannuation fund members is that if they look at five and 10-year results, they are still showing compound annual returns of 6.67 per cent and 6.37 per cent respectively.
AUTHOR
Mike Taylor
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
