XO Financial Services

21/10/2022

How did your Super Fund rate?

Recently, the Australia Prudential Regulation Authority (APRA) has released its second MySuper Performance test and there’s bad news for one of the big 4 banks with 5 of the 69 funds tested failing, 4 of them for the second consecutive time.
The performance test was introduced last year to protect superannuation members from poor performance - these failures affect over 600,000 members and $27.7 billion in members money
The Super funds that failed are:
• Retirement Wrap – Westpac Group Plan MySuper
• Australian Catholic Superannuation and Retirement Fund – LifetimeOne
• Retirement Wrap – BT Super MySuper
• Energy Industries Superannuation Scheme – Balanced (MySuper)
• AMG Super – AMG MySuper
All 5 of these funds are required to tell their members of their failure and will urge them to consider leaving the fund and all but the Westpac Group Plan will be banned from accepting members into the fund.
As part of the changes last year the ATO launched a YourSuper Comparison Tool that allows MySuper members to check their fund and allows members to compare their fund with others.
Member protection in MySuper accounts for super fund members that are not advised have increased but the big institutions are still failing their members even after abandoning financial advice 2 years ago.

12/05/2022

Considering investing? Here's what you need to know!

https://www.fool.com.au/investing-education/why-invest-in-the-first-place/

Buying shares remains one of the most popular ways to grow wealth. But why invest in the stock market and not something else?

10/05/2022

Noticed the rise in price at the supermarket? Check out this article to see how you might be able to save on groceries!

With a bit of planning and some substitutions, you can keep costs down while still enjoying healthy, home-cooked meals.

01/04/2022

Trying improve your budgeting skills? Check out this article for some helpful tips!

From the Barefoot Investor to "anti-budgeting", here are three methods that don't require tracking every dollar.

18/03/2022

Thinking of investing in the property market? Here's some things to consider

Before you add another investment property to your portfolio, you need to ask yourself some tough questions.

08/03/2022

Have you heard about this upcoming change to superannuation accounts? Check out this article to find out more!

Aussies will save $2.8 billion over the next 10 years as unnecessary fees and premiums are ditched in the wake of super stapling.

02/03/2022

It's National Credit Month! - A time that promotes learning about good credit & knowing your credit score! If you need help with credit or debt, chat to us today!
https://xofinancialservices.com.au/contact-us/

09/02/2022

Looking for tips on how to boost your super? Check out this article!

We asked two experts to explain how you can make changes to the way your super is invested, including who it's suitable for, what the risks can be, and where to find help if you'd like to learn more.

02/02/2022

New Year, New Budget!

Thinking about making some changes to your household budget this year? Check out this article to see if your budget needs a refresh.

Budgets often need updating. Here's how to tell if yours needs a refresh in the new year.

28/01/2022

Did you know that 1 in 4 Australians currently have debt linked to Buy Now Pay Later services? Check out this article to find out more!

ASIC sues ANZ over dodgy loans, and one in four Aussies are in debt with buy now, pay later programs. Here are five things you might've missed this week.