Yesterday, IFS announced it has entered into a deal with Infocus under which the non-aligned licensee will provide fee-for-service comprehensive advice services to members of industry fund First Super in South Australia, with tentative plans to roll out nationwide.
Commenting on the deal, Mr Bristow issued a statement explaining the reasons behind the successful negotiations.
“Infocus is honoured and excited by the opportunity to support First Super in its initiative, especially since offering retail advice to client members has traditionally been something many industry funds were not prepared to consider,” Mr Bristow said.
“As an independently-owned wealth management group, we understand and respect the commercial concerns of industry funds.
“It has been from this foundation that we have progressed with a transparent and accountable process that has given both Industry Fund Services and First Super the confidence to move forward with us.”
Mr Bristow revealed the group is also in discussions with other organisations to provide outsourced financial advice services.
Industry super funds should open themselves too all qualified advisers to assist their members and be able to charge a fee for service to the member’s fund, not cutting deals with specific firms.