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Funds look to expand advice services
ESS Super has launched a personal financial advice service, leveraging Adviser Network's Australian Financial Services License (AFSL).
It expands the fund's member advice services from general advice via an ESSSuper member education consultant to providing wholistic advice through qualified financial planners, authorised representatives of Adviser Network.
Commonwealth Superannuation Corporation has also expanded its financial planning services for members of the CSS, MilitarySuper, PSS and PSSap schemes to include personal advice through Industry Fund Services. The move complements the recent launch of its retirement income products and new services including salary sacrifice.
State Super Financial Services has also opened a new office in Woden, Canberra expanding its face-to-face office network providing financial planning to current and former public sector employees and their families.
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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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