The Financial Planning Association (FPA) has hit back at Industry Super Network over the value of advice, claiming industry superannuation funds are failing to take account of individual client needs and circumstances.
FPA chief executive Jo-Anne Bloch said the assertions being made by Industry Super Network spokesman Garry Weaven failed to recognise that all personal financial advice was required to take account of an individual client’s needs and circumstances.
“Garry Weaven ignores some important facts in making his case for his industry super funds,” she said. “Firstly, the Corporations Act already requires financial planners to give advice which is appropriate to clients’ needs and, second, financial planners have a responsibility to disclose clearly to their clients any conflicts of interest which might bias the advice they give.”
Bloch said cheap products were not always in the client’s best interests, especially if they restricted choice and flexibility and overlooked important potential benefits.
She said without the benefit of advice, many hundreds of thousands of Australians would be unable to find their way through the maze of tax, investment, super and other regulations, or the many thousands of financial products on offer.
