In order to fulfil the Future of Financial Advice best interests duty, financial advisers should be recommending industry superannuation funds, according to the Industry Super Network (ISN).
In a statement responding to the finding by ratings agency SuperRatings that industry funds have “again outperformed master trusts funds over all periods”, ISN chief David Whiteley said non intra-fund advisers should take heed.“Under new laws, financial planners are required to act in the best interests of their clients,” he said. “Given that fund performance is one of the most important factors in choosing a super fund, industry super funds should come out on top in the recommendations of financial advisers to their clients.“In the seven- and 10-year periods, industry super funds have performed particularly well – which is most important given the long-term nature of superannuation.”
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