Why rolling over your super is about more than money

ARTICLE

22 August 2025

3 min read

The benefits of super consolidation are known – reduced fees, easier management, and improved visibility – yet many still hesitate to take action. To understand why, and what motivates people to act, we spoke to Elias Agripanidis, an AIA Financial Wellbeing Planner who’s guided countless clients through the process.

His insights reveal that rolling over super isn’t just a financial decision, it’s emotional and behavioural too.

The quiet cost of inaction

One of the biggest misconceptions Elias encounters is the true cost of having multiple super accounts.

“Most people underestimate the impact,” he says. “Duplicate fees quietly eat away at balances, and the compounding effect of lost growth can be significant.”

Because this erosion happens gradually, it doesn’t feel urgent. Unlike taking out a loan or buying a house, there’s no clear deadline. That lack of urgency can lead to years of missed opportunities.

What finally pushes people to act

According to Elias, it’s a mix of life events and subtle nudges, like a new job, a MyGov notification, or a routine financial review. But the real turning point?

“Seeing a lower-than-expected balance,” he says. “That’s when it clicks. They connect the dots between dormant accounts and lost money. It becomes real.”

It’s not just about numbers – it’s the emotional impact of a potentially less secure future.

A generational divide

Younger Australians often see super as a distant concern, while older clients are more proactive.

“Younger clients assume they have time,” Elias explains. “But once people hit their 40s or 50s, retirement starts to feel real. That’s when engagement lifts.”

Digital tools are bridging this gap. As super becomes more visible through apps and dashboards, younger generations are paying more attention. But visibility alone isn’t enough, as clients still need guidance.

The hidden risks of consolidation

While consolidation seems straightforward, Elias warns of risks, especially around insurance. He recalls a client who could have lost valuable income protection insurance when rolling over a fund.

“Never assume all super funds are equal,” he says. “Always check insurance benefits before consolidating.”

Legacy funds may carry embedded features, like competitive fees and special insurance terms, that are cancelled once the account is closed. And once they’re gone, they’re gone for good.

When it may be better not to consolidate

Although rolling over is generally recommended, there are exceptions.

“I had one client with a fund offering exceptional insurance, and another with a strong investment track record,” Elias shares. “We kept both for strategic reasons.”

This highlights the importance of personalised advice. Super decisions shouldn’t be made in isolation. They need to align with broader financial goals.

Making super feel strategic

Part of Elias’ role is reframing how clients think about super.

“We position it as a tax-effective investment vehicle, not something you only think about at retirement,” he says. “When integrated with estate planning, insurance, and a broader financial strategy, it becomes a powerful tool.”

Super isn’t just a savings account – it’s a cornerstone of long-term financial wellbeing.

How AIA Financial Wellbeing Planners help

When clients ask whether they should consolidate, Elias says the answer isn’t black and white.

“We look at personal goals, risk tolerance, and values. Then we assess fees, performance, and insurance. It’s not just about cost, but about aligning with their broader life plan.”

That’s where AIA Financial Wellbeing comes in. We help you navigate the emotional, behavioural, and technical sides of super, so you can make a confident decision.

Whether you’re unsure about timing, worried about losing insurance, or simply overwhelmed by the process, we’re here to guide you.

The bottom line

Rolling over your super isn’t just about cutting fees. It’s about gaining clarity, protecting your benefits, and aligning your money with your life goals.

So, the real question isn’t should you roll over your super – it’s how and when to do it in a way that works for you.

Need super guidance?

Reach out to us today and take the first step toward clarity, confidence, and a stronger financial future.

Disclaimer:
Copyright © 2025 AIA Financial Services Pty Limited (ABN 68 008 540 252, AFSL 231109), trading as AIA Financial Wellbeing. All rights reserved. This information is current at the date of this publication and is subject to change. This provides general information only, without taking into account factors like the objectives, financial situation, needs or personal circumstances of any individual and is not intended to be financial, legal, tax, health, medical, nutritional or other advice. Before acting on the information in this publication, individuals should consider its appropriateness having regard to such factors.