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Equipsuper expands financial advice offering
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.
AUTHOR
Ashleigh McIntyre
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The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
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