Cbus has announced its referral program with the FPA will be rolled out nationally, meaning a number of embedded advisers licensed by Industry Fund Services will be leaving the super fund.
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.
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