Kinetic Super said the introduction of this service will provide its members with access to limited personal financial advice on insurance cover, contributions or making investment choices within their account.
“Our intra-fund advice service is just another way we are moving to give Australians more control over their super,” Kinetic Super chief executive Megan Bolton said.
“We want to encourage members to take an active approach with their super. Intra-fund advice gives Kinetic Super fund members access to financial advice about their super account, providing support and confidence to make informed decisions,” she said.
Kinetic Super said the service will be provided and licensed under the AFSL of Industry Fund Services (IFS) and delivered by IFS authorised representatives.
“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,” Ms 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.
“We hope the intra-fund service will provide our 300,000 members more choice and helpful support when it comes to improving their retirement outcomes,” Ms Bolton said.
So remind me again how this is different from vertical integration, conflicted interests, product flogging, FUM based fees and fee inequality amongst members…? All things that the ISA vehemently oppose in the IFA world but then actively partake in when it comes to their own funds! As hypocritical, inept and corrupt as any Union based organisation ever, including the Labor party, pure & simple.
[quote name=”Gerry”]Once again…no attempt by industry funds to allow external advisers the ability to charge the members fund for one off advice. They critize ongoing trails etc and yet do nothing that might jeopardise their beloved FUM.I’m getting tired of phoning and following up on matters, effectively doing half their job for them.[/quote]
Agree totally – hopefully eventually any “licenced / authorised” financial adviser should be able to charge one off fees from any superannuation fund (these are not commissions or asset based fees or ongoing fees, simply fee for service) – IFS advisers would be included and so could charge against retail members accounts – don’t really think that is what they want though. This current regulatory mess should become an opportunity to be used to sort some of these issues out once and for all otherwise the problems will just keep recycling every time governments change.
Hmmmm i am jsut wondering how this works with the unions and industry funds wanting product and advice ‘delinked’. Surely they wouldnt be wanting different rules on non transparency to apply just to them.
Once again…no attempt by industry funds to allow external advisers the ability to charge the members fund for one off advice. They critize ongoing trails etc and yet do nothing that might jeopardise their beloved FUM.I’m getting tired of phoning and following up on matters, effectively doing half their job for them.