Consumers can pay up to 13 times more in commissions on their superannuation compared to fee-for-service financial advice, according to the latest research from Rice Warner.
The research showed that advice to a client on the Government's co-contribution payment had attracted a fee of $660, while commissions on the same advice would have amounted to $3876.
Other examples from the research showed commissions up to 13 times greater than advisers' fees when tested over a five-year period.
The current economic climate emphasised the need for superannuation clients to obtain independent financial advice, according to Aequis chief executive Steve Harvey.
"Along with the family home, superannuation is perhaps the most important investment Australians have and now more than ever there is a need for consumers to obtain quality advice," he said.
"Removal of commissions means there is no incentive to recommend particular products, ensuring the advice is appropriate. The value of the advice can be assessed against the fee and the client is able to make an informed decision.
"It is simple, independent and transparent and puts financial advice on a similar fee-for-service basis to that provided by accountants and lawyers."
Aequis is a Tasmania-based financial advice business.
