The deal with the Queensland superannuation fund was executed via Financial Advice Matters (FAM), the wholly owned salaried advice business of the licensee which already manages $1 billion in funds under advice.
FAM has entered into a three-year referral arrangement to provide comprehensive advice to Brighter Super’s members.
The completion occurred on 13 June with a transferred contract value of $977,400 at a multiple of 1.25x with the completion price of $1,221,750, an ASX announcement stated.
The deal was first announced in April which would see Centrepoint become the preferred partner to provide advice to Brighter Super members.
“Of the approximately 400 members eligible to transition, 316 members who have a fixed term contract due for review over the next 12 months have confirmed they will transition to FAM, and an additional 30 members are in the process of having reviews and signing new agreements,” Centrepoint confirmed in May.
According to Brighter Super, the move forms part of a broader commitment to ensuring all members retire with confidence by “scaling its advice offering through formalised relationships with independent financial advisers”.
“One of our key priorities is strengthening our ability to support external financial advisers, because we want members to have choice in how they seek advice and who they receive it from,” Brighter Super CEO Kate Farrar said.
“We have a good understanding of where our internal team is best placed to provide advice and recognise that some members require more specialised support.”
Brighter Super added that the fund now supports more than 1,500 IFAs, has doubled its local business development team in Queensland, and rolled out a series of adviser-friendly platform upgrades, including a dedicated support line, adviser portal and enhanced online tools.
Last December, the advice licensee launched its own superannuation and investment platform IconiQ in association with technology firm FNZ. The platform is designed to empower financial advisers in managing their clients’ investments with ease and efficiency, developed on FNZ’s wealth management technology.
IconiQ comprises two solutions: IconiQ Investment and Super Wrap; the investment solution provides access to investment options, while the superannuation one offers help with portfolio management across accumulation and transition to retirement. The two services provide Centrepoint’s advisers with features such as access to global investment managers, competitive pricing and flat administration fees, aggregated pricing for families, digital-first tools and rich functionality.
