Yesterday the FPA and Cbus confirmed that the pilot program launched in October 2013 – which sees Cbus members referred to Certified Financial Planners in FPA Professional Practice firms – will be extended across the country.
A Cbus spokesperson confirmed yesterday that the national rollout will mean that the five comprehensive financial advisers currently embedded at Cbus will no longer be required, as previously foreshadowed by ifa.
“Cbus has been working closely with the embedded planners and with IFS and have been doing so for some time,” the spokesperson said.
“We have been assisting them with reallocation to other funds and to alternative roles outside industry funds.”
Industry Fund Services executive manager, communications and channels, Peter Bottomley, also confirmed that the IFS advisers currently seconded to Cbus will not have their contracts renewed when the “current arrangements cease” in late 2014.
“We have been aware of the potential changes to the services we provide Cbus for the past 12 months and we have been working with them to facilitate appropriate outcomes,” Mr Bottomley said.
“The embedded planners who have been working with Cbus and their members have been kept informed of these changes throughout the process.”
More broadly, FPA chief executive Mark Rantall said the move will have an impact on potential financial services collaborations going forward.
“These formal arrangements with Cbus give us an exciting insight into a future where trusted professionals may openly collaborate with member-based organisations to deliver high quality outcomes in the best interest of the member,” Mr Rantall said.
Kevan I think youre confused. There is no requirement for FPA members to be independent, they can be anyone working in the industry.
It is not illegal for financial planners to call themselves independent, provided that they are. To be able to call yourself independent you must have your own AFSL, not be aligned or an authorised representative of any bank/insurance company etc.
i dont understand, the FPA members are meant to be non-aligned and “independent”. can someone explain to me what it is. as a financial planner, this article tells me its an alignment between CBUS and FPA. People talk about “independent” as far as i know it is illegal for financial planners to use the word “independent”. if this doesnt change i will start reporting these people and bring in media. So please explain
Exactly Tim…although I guess CBus members can engage with any adviser they want, it’s just they may not be as “trustworthy” as an FPA member. The member may already have a trusted adviser but he/she won’t be able to charge the CBus fund for advice costs….read into that anyway you want.
Members of any fund should be able to engage with their adviser regardless of which association or licensee he or she belongs to. It’s their money.