This follows news that Infocus would provide a financial advice service to First Super members in South Australia.
Infocus said it would provide advice services to members of TWUSUPER as part of a broader initiative with superannuation financial services provider Industry Fund Services.
The announcement also follows recent comments by Infocus boss Rod Bristow that industry funds are likely to play a pivotal role in the financial advice industry’s future and are undoubtedly a “sleeping giant’.
According to Infocus, financial advice services to be delivered by financial advisers across the Infocus Group will initially be rolled out to TWUSUPER members in Western Australia.
Opportunities to assist super members to reach their personal retirement goals if done professionally will always be beneficial to clients (regardless of personal adviser or fund interests). Some of the appalling comments here show the reason why the Government continues to act in this space. Clients come first, always have always will, please consider if you are adding to the professional growth of Financial Services or perpetuating the need for Government intervention before further uninformed comment is made. Concerned Professional Adviser.
RodBristow, I totally agree that more Australians need advice. Members of union funds in particular need advice that they have been misled by all those TV advertisements, and that their retirement savings are being used to fund union activities, which is not allowed under superannuation law and therefore places their retirement savings at great risk. I’m guessing TWU members won’t be getting that advice from your firm though.
I don’t have a problem with providing advice to the members and they’ve always had access to advisers if they wanted. I can only assume however that Infocus advisers can charge the member’s super fund for the cost of advice, but other advisers can not? That’s what I’m opposed to.
Its all about compulsory capture of members at one end and FUM retention at the other. Paint it up as a great consumer story all you want but the TWU/Union tie up coerce many to contribute to their fund only. You would want to be a literary genius to develop an SOA to satisfy the best interest duties to fulfil the desire for funds and insurance to remain with the TWU. But hey Im sure they’re working on that as we speak.
Disappointing to see such derogatory comments and lack of understanding here. Regardless of your personal philosophical view, offering advisers referrals to a large client base helps with more Australians seeking advice to achieve their goals. This can and should only be viewed as a positive: for both the adviser and the client.
Rod Bristow
Infocus Wealth Management
lay down with dogs and you’re going to get fleas.
I just pressed the thumbs down icon and it gave you guys an extra thumbs up! Lesson – don’t believe people agree with you…they probably totally disagree with you.
These private deals are pathetic and do nothing for the betterment of the industry or the member.
Vertical integration. Is this the same TWU that drivers in many Union dominated transport companies are forced to contribute to? Afraid so….
Hmm, so it looks like dealer groups are starting to crap where they eat now!
Interesting what money can buy…