The Financial Planning Association of Australia (FPA) has struck what it describes as “a landmark agreement” to strengthen its relationship with the industry super sector via a new professional referral service.
The referral deal is a pilot program being run with a 700,000-member construction and building industry fund Cbus, following “months of collaboration”, the FPA stated.
Under the trial arrangement, FPA Professional Practices in certain geographical regions that meet select professional criteria may accept referrals of eligible Cbus members seeking professional financial planning services.
Cbus chief executive David Atkin said the pilot allows fund members to access financial planning services delivered by a CFP practitioner.
“This is an exciting step. And we look forward to rolling out the initial pilot scheme to Cbus members in Queensland, South Australia, Tasmania and the Northern Territory,” he said.
“Pending the outcome of this initial phase, there is strong potential for the programme to become a national scheme for all eligible Cbus members.
Mr Atkin congratulated the FPA for its foresight in implementing the program and said the fund welcomed the ongoing collaboration with the FPA to ensure the joint initiative is a success.
FPA chief executive Mark Rantall thanked Cbus for its confidence and described the pilot as “a significant and healthy step in the right direction for the financial planning profession”.
“It’s a practical example of the ongoing joint dividend that flows from choosing professionalism: good for Australian investors, good for the professionals who serve them.”
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