Having dabbled in partnerships with external advice groups such as Matrix Planning Solutions and NAB-aligned Godfrey Pembroke, AustralianSuper general manager of operations Shawn Blackmore says the industry fund is on the hunt for more collaborative opportunities.
“I think there is definitely greater opportunity for advisers – what we have traditionally called ‘external advisers’ – to work together with industry funds,” Mr Blackmore told the 13th annual Wraps, Platforms and Masterfunds conference in the Hunter Valley last week.
“There is technology available that breaks down barriers – we can have model portfolios, we can have advisers deduct fees from members’ account balances to pay for services – and our referral panel is looking at these opportunities currently.”
Mr Blackmore said that is has taken a long time for industry funds to bury the hatchet and develop prosperous relationships with retail advisers – sometimes “learning the hard way” – but that consumers are demanding a collaborative approach.
“We are seeing a tidal wave of baby boomer members who need advice,” he said. “In order to maximise their retirement outcomes they need quality advice.”
The comments follow the establishment of a trial panel to discuss collaboration opportunities in 2011, with representatives of Matrix, Godfrey Pembroke, Dixon Advisory, Woods & Partners, Switzer Financial Planning and Paul Moran taking part in the trial.
At that time , AustralianSuper chief executive Ian Silk asked “is the war over?” pointing to the trial panel of external groups as evidence of a new strategy that is complimentary to its existing call centre advice services and intra-fund financial planning.
However, earlier this year the Industry Super Network issued a statement indicating financial planning is not a “true profession” and clients require more protection, while in June ISN acting chief executive Matthew Linden criticised financial advisers for allegedly leaving FOFA preparation to the “last minute”.
The ISN has been attacking financial planners for so long. All those millions of their members dollars spent on advertising. Remember the ad where the financial planner had his hand in the clients pocket stealing his money? This was surely only to benefit their members, as they are “not for profit”.
They lie about so many things, just read all the various PJC records (FoFA and MySuper).
They have had the Labor government in their pocket for the last 6 years, (maybe they give them money?) They now have an unholy alliance with the FSC now so the “big boys” can control as much of the Superannuation money as possible between themselves, and cut out the competition as much as possible.
Personally I don’t trust them. Can’t quite put my finger on why…
Yes this is hilarious, what a bunch of complete turkeys the ISN’s are. they go out of their way to be rude, incompetent and down right disrespectful when ever we have to call their funds up for client info, etc and try to murder us with dodgy advertising. Now they want to crawl back because they realise not only have they (hopefully) lost Labor Govt support, they no longer have the only low cost funds around and finally they have work out that clients / members need good advice to work through complex financial planning issues.
Hows go and get stuffed sound to the ISN !!
Ben, I agree and I’m laughing. I have to keep looking at this article as I cant believe it. I had to check the date but it isn’t April 1. What a pissa! I think the FPA, Govt or whoever needs to push for proper and full disclosure of back handers and sweet heart deals for the Union movement and full and transparent disclosure of fees. I will laugh all year and into the next decade when they have to fess up.
The Industry Funds waged war against the financial planning profession for a decade, with serious damage caused to our reputation and standing in the community. Now, on the eve of Labor getting kicked out of office, they want to collaborate with us! Very funny. I always enjoy a good laugh on a Friday afternoon. Thanks IFA.
Well, I had a good laugh at this one. Of course it doesn’t have anything to do with Labor being consigned to the wilderness for at least two terms – does it?
looks like the Union run Industry Funds have read the political wrirting on the wall and are now trying to position themselves in the new era after September 7th of no Labor political mates in power any more. Remember ISF the external advisers as you call us didn’t start the WAR you did.
Well what do you know!! After significant overreach in the last 5 years from the ISN there is a realisation that the tables are about to turn. Union sponsored overreach and demonisation of FPs will be coming back with interest.
What a load of Cr*p with a capital C – now that the ISN groups realise that their holiest protector (the Labor Gov) is going to be routed out of power like a colonic irrigation, they’re extending an olive branch!
We need to have the Lib Gov authorise an extensive inquiry and restructure of this union bast#rd – sorry meant ‘bastion’ of funding that is draining the nation’s retirement wealth! About time the ISN’s go through the pain, scrutiny and forced restructure and tougher ongoing requirements that we have now had to endure and are still enduring.