Hi, just in case you missed it, attached are the AFR headlines from yesterday – you don’t need too much imagination to conclude that the AUSSUPER initiative is linked to the Ministers speech at the Press Club next Wednesday August 19 at 11.30pm which is titled:
‘Protecting Consumers and the Promise of Superannuation in an Evolving Financial System’.
In a surprising move, former QAR Chair Michelle Levy will be a Director of AustralianSuper Advice…Ms Levy still can not understand why her recommendations were never acted upon by both sides of Politics….lets just leave it at that.
It is rather ironic that the Super Funds, who heavily criticised the Banks vertically integrated Advice business model for decades are now emulating it. It does not matter the shade of lipstick you apply to a ‘difficult pig’ any Financial Institution having its own internal advice service without an independent advice option is profoundly conflicted and NOT in the best interests of members.
The advice solution is a simple KISS outcome – allow Super Funds/Financial Institutions to have internally trained staff educated on in house products for customer/member assistance [including Centrelink] and have a panel of independent Advisers for those looking for a more holistic approach working on a fee for service basis.
It is no secret that Super Funds are haemorrhaging high account balance members to SMSF solutions which may also explain why the Government smashed SMSF’s in the Budget outcomes with the assistance of the Greens.
The other news is MARSH and the Super Funds are casting doubt on the CSLR structure especially around the exclusion of MIS in the Levy calculations which should get a mention next week.
The Ministers speech next Wednesday is a must.
Regards.
Peter Johnston | Executive Director
Association of Independently Owned Financial Professionals
Suite 416, 480 Collins Street, Melbourne VIC 3000
P 1800 111 203, d 03 9863 7574, m 0418 857 621
www.aiofp.net.au | Download my business card
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