Equipsuper has launched a new intra-fund advice service which will allow members to obtain limited financial advice on investments, insurance and contributions for a one-off fee.
Called Member Adviser, the service will sit between the general advice already provided through the fund’s helpline and the personal advice offered through Equipsuper Financial Planning.
Equipsuper will charge members $75 for a Member Adviser phone consultation, which includes a Statement of Advice.
The launch of the service coincides with the implementation of a new fee payment service, which allows members to pay the advice fee out of their accumulation account.
The fund recently appointed its first Member Adviser, Brett Hynes, to provide the service, but will look at increasing its resources depending on demand.
The Financial Services Minister says the amendments to the SIS Act within the first QAR bill will “clarify the law to affirm the status quo”.
Superannuation funds have thrown their support behind the QAR reforms but want a “clear statement” that they will not be required to check all member SOAs.
In its latest report, the corporate regulator says the deduction of advice fees has led to instances of “inappropriate erosion of members’ balances”.
Financial advice is having a significant impact on how Australians are engaging with the more complex aspects of their superannuation, new findings have shown.
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