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Kinetic launches intra-fund advice service
Industry super fund, Kinetic Super, has launched a new intra-fund advice service that it says will allow members to receive limited financial advice about their account.
Kinetic chief executive, Megan Bolton said the service would allow members to access limited personal financial advice on insurance cover, contributions or making an investment choice within their Kinetic Super account and would be provided at no additional cost as part of their membership.
"We want to encourage members to take an active approach with their super," she said. "Intra-fund advice gives Kinetic Super fund members access to financial advice about their super account, providing support and confidence to make informed decisions."
The service will be provided and licenced under the AFSL of Industry Fund Services (IFS) and delivered by IFS authorised representatives operating within Kinetic Super's "Member Experience Team" either over the phone or face-to-face.
"This service is an extension of the current service provided to all members who are increasingly seeking advice in areas such as insurance, investment choice and contributions," Bolton said. "The cost of providing intra-fund advice is factored into the current fund fees, which means it's available to our members at no additional cost."
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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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