The new team will be formed within Rest’s advice and education team – which currently sits within the employer and industry engagement group – and will provide phone-based general advice services to Rest members.
“We believe that financial advice is key to helping our members achieve their personal best retirement outcomes, and we are focused on reaching more of them with this support,” said Deb Potts, group executive for employer and industry engagement.
“Providing general advice in house will build our internal capabilities and help us connect more of our members with the full range of advice and information we offer…This team will support our members according to their needs, whether it’s providing them with information, directing them to our online tools, or booking them in for a session with our personal advice team.”
The new internal general advice team will commence in July 2021. Meanwhile, Rest has created a number of new roles designed to “deepen engagement with employers” and grow the fund’s employer base in the corporate sector.
Nothing to see here about Vertical Integration. What a bunch of hypocrits. They bring investment management, administration and advice all inhouse but have lambasted the banks for having the same structure. Two sets of rules at play here. One for the Industry (Union) Funds and completely different for everyone else.
Advice is nothing more than a sales/customer retention tool for these industry funds. ASIC, FASEA, Ripoll, Hayne were all too gutless to separate product from advice and consumers are worse off because of it. Much easier to pick on the vulnerable advisers who are employees and small businesses, with poor representation.
Dear IFA and REST, please quantify the costs of the General Advice and I tea Fund Advice product sales team = $ Pa
Please show increase in these tied agent sales teams over last 5 years.
Please confirm how they are paid, any members charged directly ? Or Hidden commissions / admin fees charged to All members ?
Do members have to Optin to paying these Advice / sales fees each year ?
Can members opt Out of paying these Advice / Sales fees if they don’t use the service ?
Come on IFA, how about some real reporting.
We know Industry Super won’t volunteer this info but you should push for it.