Australian Super Funds Advocate for Enhanced Financial Advice Access
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Australian Super Funds Advocate for Enhanced Financial Advice Access
- Over one-third of Australians are reportedly using AI tools to research superannuation and retirement, highlighting a growing need for accessible financial guidance.
- The Super Members Council CEO, Misha Schubert, stated on August 13, 2026, that Australians desire trusted sources of information and human support for financial decisions, not solely AI.
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Australian superannuation funds are pushing for reforms to make financial advice more accessible and affordable for their members. This comes as recent research from August 13, 2026, indicates that over a third of Australians are turning to AI chatbots for superannuation and retirement advice, largely due to the high cost of traditional expert advice.
Misha Schubert, CEO of the Super Members Council, emphasized on August 13, 2026, that while Australians are seeking simple and affordable help through AI, they ultimately desire trusted sources, strong consumer safeguards, and human assistance for crucial financial decisions. The industry is advocating for the “Delivering Better Financial Outcomes” (DBFO) reforms to be legislated, which they believe will enable more Australians to receive necessary guidance from trusted institutions.
The call for reform is further amplified by recent financial product collapses, such as Shield and First Guardian, which have resulted in significant losses for some Australians and underscored the challenges within the financial advice sector. The median cost of financial advice has reportedly increased by 65 percent over the past five years, now averaging around $4,700, making it difficult for many to access.
Many super funds, including AustralianSuper and Aware Super, currently offer various levels of advice to their members, ranging from general guidance to more personalized, fee-for-service options. The ongoing Quality of Advice Review (QAR), initiated in March 2022 and with its final report submitted in December 2022 by Michelle Levy, aims to improve the accessibility, quality, and affordability of financial advice in Australia. The government has been responding to its recommendations, with legislative updates ongoing since December 2023.