Industry funds meet best interests: ISN
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.”
Viridian vows independence after Westpac exit
Viridian Financial Group has vowed to maintain its independence from Westpac, wi...
CBA could retain advice business: Morningstar
A longer-term revision of the merits behind the Commonwealth Bank’s demerger o...
Class action against former AFSL finishes
Around $1.5 million has been paid to about 200 investors in one of multiple clas...