Mar 04, 2018  | Tags: savings, banking, financial advice

Our Insights

Have you heard about fee aggregation? This is a process that can apply to the linking of financial accounts, so that they all come under one single reduced administration fee. It can apply to superannuation accounts, pension accounts, investment accounts, and other financial facilities.

The combined amount you could save by connecting your family’s accounts may surprise you. Depending on how many accounts you have and how much is in them, you could save an extra couple thousand dollars each year.

There’s your next family holiday! 

Who Benefits from Fee Aggregation?

Your children, in particular, stand to benefit from joining their accounts to yours. They may be just starting out in life - getting married, paying off student loans, buying their first homes and landing the job of their dreams. The last thing they’re thinking about is saving for their long term future. 

But they may not realise how much more they can and should be saving by cutting back on administrative fees.

Help your children get the best start in their life by helping them cut back on their fees to boost their account. It’s not just your kids who can benefit.

Fee aggregation can be used to get discounted accounts for any other immediate family member including spouses, partners and siblings. Connect different accounts such as investment, pension and personal super accounts.

In fact, the benefits of fee aggregation aren’t limited to a number of individuals. Just two people in your family with multiple accounts could connect their accounts and enjoy the perks of reduced administrative fees.

Take, for example, a couple who are transitioning to retirement. One of them can draw off a super account while still making contributions to another. If the other partner has a similar arrangement, then they can link all four accounts to reduce the fees all the way around.

Can fee aggregation help you? Do you qualify? Which accounts should you link up? How do you get started? 

Seek Expert Financial Advice 

For a no obligations discussion about your needs, reach out to our team here at Calder Wealth Management. Call on 08 8373 3333 today to schedule an an appointment.

- Ben Calder, Private Client Adviser