The industry super fund announced yesterday that it launched the service model in anticipation of a new in-house “advice over the phone” service to be launched later this year. The fund also said it will begin recruiting for 30 specialist adviser roles next week.
Speaking to ifa, Mr Harper said the new advice model will be underpinned by a unique performance planning framework that is expected to drive the “right behaviours” from advisers.
Performance indicators will be based on “heightened service attention, heightened technical expertise and a real commitment to help (members) complete all tasks required”, he explained.
Mr Harper added that the over-the-phone advisers will be able to give personal advice on Cbus products only and general advice on any financial matter.
Members seeking comprehensive advice will be referred to one of the participating practices in the Cbus and FPA referral program, which was established in 2013.
Mr Harper said the in-house service will “strengthen and complement” the existing FPA partnership, and not compete with it.
“The Cbus and FPA referral program is very much integrated with and supported through this advice service model,” he said. “
“We are insourcing advice over-the-phone to further support our financial planning referral program that we have with the FPA. This is not looking to compete with that. It is very much a support mechanism to ensure the continued success of that program.”
FPA chief executive Dante De Gori welcomed the new offering.
“Cbus has thousands and thousands of super fund members who require assistance and advice across the spectrum and this phone advice accommodates a specific needs set,” he told ifa.
If Labor get in and Billnochio institutes an RC, will he include a review of all vertically integrated advice businesses or just those from the banks? I don’t think so Ted.
I’m sure if I wanted to offer advice over the phone without an SOA then that wouldn’t be getting the tick of approval, even if was the product offered by the product manufacturer that owned my licensee. But I don’t see how CBUS can do it and that’s OK and there’s a big announcement about it in IFA but AMP or the 4 Banks can’t. Imagine if AMP said “All our planners are going to offer advice over the phone, but only on AMP FlexiSuper…” ASIC would be round the next day to hand out another EU, a big fine, and reparation to all customers involved…. Then SuckItUp & Gotcha would be in for a class action case….
Great to see FOFA meeting it’s purpose…
“Advisers can give personal advice on CBus products only”. Only if it is in THE BEST INTEREST of everyone who phones. No mention of SOA’s. Probably a pre printed leaflet as they’ll all be the same if any are issued at all.
At least the unions are innovating! They have now developed a new model. The tied adviser model. With this rate of development they’ll actually have a web page in about 15 or 20 years.
Of course this move by CBUS will get the tick of approval from ASIC, despite the fact that 99.9% of clients will remain in CBUS with the insurance cover offered within the fund. It’s bad when AMP or any of the banks does it, but that’s ok because we’re the nice people from the Union Super movement…no conflicts here… Don’t worry that almost all the issues raised recently by Adele Ferguson and 4Corners concerned cover in Union Super Funds and that the trustees of these funds are either asleep at the wheel or simply more interested in getting new members over looking after existing members…look over there, what are those banks doing…lets get an RC into the banks going as soon as Billnochio gets into government…