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Advice success for industry fund

Industry fund Vision Super has recorded a 70 per cent increase in meetings between members and its financial advice team.

After a recent drive by the industry super fund for local government and water authority employees to engage with the members, the number of meetings Vision Super's financial advice team conducted jumped from 1,431 in 2014 to 2,422 in 2015.

"Over the past year, we've deliberately set about going out into the community and engaging with our members, so they know what the fund can do for them," Vision Super chief executive Stephen Rowe said.

"We've really concentrated on having direct contact with members, to make sure they don't reach the retirement date having never spoken to their super fund.

"Through these workplace open days, expos and seminars we aim to reach members prior to reaching retirement and let them know what we can offer."

Mr Rowe said there is a growing awareness within the community about trustworthy financial advice.

"As a not-for-profit industry super fund, Vision Super always acts in members' best interests," he said. "Our financial planners are paid a salary and never receive commissions or bonuses for recommending products."

This comes as NGS Super chief executive Anthony Rodwell-Ball has called on his industry super fund colleagues to end traditional hostilities and partner with the non-bank financial advice sector to better compete with the institutions.

In the six months to 30 June 2015, Vision Super's financial planners conducted 1,155 meetings with members. Over half of these meetings took place in council offices and in regional Victoria.

General advice is provided to members for free and for more complex advice, the first meeting is free. Vision Super advisers will then discuss a fee up-front with members so they can decide before signing up for the advice.