I need to open up a superannuation account soon as I recently started work here in Australia. I have been reading online articles about it and I’m still confused on what type of super to open, and through what company should I open with. I have actually spoken to a financial planner, and he told me that they can open up a super for me, however the initial advice would cost over $300, and there are other annual fees involved too. I think the fees are hefty and I would like choose myself the managed funds to invest in. Any recommendations on where I should open a super without going through financial planners etc. Thanks!

Does your employer already have a scheme in place that you can join.

You can always change it later if you want too.

The financial advisor's fees are tax deductable so not all that bad. However you do need to check out the other fees lurking in the background.

Lokum,

As stated if you are employed the employer should actually ask you what super fund you will like them to contribute your Super Guarantee into to. This is called super choice. You would be better going for an industry super fund as they have less fees that other super funds.

Hope that helps a little.

Will

Is this link any help?

http://www.fido.asic.gov.au/asic/pdflib.nsf/LookupByFileName/Super-decisions-Jan-09.pdf/$file/Super-decisions-Jan-09.pdf