Cbus’ new advice model to satisfy best interests duty
Cbus’ newly-launched financial advice service model is intended to ensure advisers act in the best interests of members as well as to complement the fund’s referral relationship with the FPA, says Cbus head of advice and retirement, Greg Harper.
The industry super fund announced yesterday that it launched the service model in anticipation of a new in-house “advice over the phone” service to be launched later this year. The fund also said it will begin recruiting for 30 specialist adviser roles next week.
Speaking to ifa, Mr Harper said the new advice model will be underpinned by a unique performance planning framework that is expected to drive the “right behaviours” from advisers.
Performance indicators will be based on “heightened service attention, heightened technical expertise and a real commitment to help (members) complete all tasks required”, he explained.
Mr Harper added that the over-the-phone advisers will be able to give personal advice on Cbus products only and general advice on any financial matter.
Members seeking comprehensive advice will be referred to one of the participating practices in the Cbus and FPA referral program, which was established in 2013.
Mr Harper said the in-house service will “strengthen and complement” the existing FPA partnership, and not compete with it.
“The Cbus and FPA referral program is very much integrated with and supported through this advice service model,” he said. “
“We are insourcing advice over-the-phone to further support our financial planning referral program that we have with the FPA. This is not looking to compete with that. It is very much a support mechanism to ensure the continued success of that program.”
FPA chief executive Dante De Gori welcomed the new offering.
“Cbus has thousands and thousands of super fund members who require assistance and advice across the spectrum and this phone advice accommodates a specific needs set," he told ifa.
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