The latest Roy Morgan Superannuation and Wealth Management in Australia report has revealed only 63 per cent of Australians are receiving advice before making the decision to switch superannuation funds.
Futhermore, the study showed when individuals do seek advice when contemplating a change of super fund only 43 per cent consult a financial planner or an accountant.
The next most commonly used source of advice regarding a super fund switch was the employer, with 40 per cent of respondents admitting to using this channel. Seventeen per cent of participants said they relied on the advice of family and friends to help make their decision.
Those people switching to a self managed superannuation fund (SMSF) were most likely to ask for financial advice with 89 per cent of this group doing so.
At the other end of the spectrum the report showed 48 per cent of those people switching into a public fund sought advice regarding the move.
Potential SMSF members were also most likely to use a professional for their switching advice needs, with the study revealing 85 per cent of the group pursuing this type of advice.
In contrast, individuals contemplating a switch to either an industry fund (51 per cent) or a public fund (43 per cent) looked to their employer for advice on the subject.
People seeking advice tended to be individuals who were older, had a greater amount invested in wealth management schemes and a higher personal income.
In comparison those who did not ask for advice were younger, had lower incomes and lower superannuation balances.
The Roy Morgan research was conducted over the 12-month period ending in September 2008. Just under 53,000 Australians over the age of 14 participated in the study.
