Financial Advice by Superannuation Funds
Superannuation Funds preparing for entry to the Financial Advice Space
Superannuation Funds should be looking for software that will enable their ability to service more of their members, not only with advice on superannuation, but also an expanded role of providing personal advice on investments.
The Federal Government has accepted the Quality of Advice Review (PDF opens in new window) recommendation to allow superannuation funds to provide retirement advice and information to their members about investments.
At a recent meeting of industry executives, Minister Stephen Jones said superannuation funds would be the big winner from QAR.
While the finer details have not been released, it appears superannuation funds:
- Could provide personal advice on both superannuation and investments
- Should take into consideration the member’s personal circumstances, including social security entitlements, and
- Charge a fee for the advice they provide, although it is anticipated there will be a limit on the fees that can be charged.
While superannuation funds, may be the “winner”, a lot of preparation will be required by the superannuation funds to meet the requirements of the government. If the government is true to form, I suspect they will severely limit the fees that can be charged to members.
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Advice Online is software developed to meet these challenges. Read on to see how simple the process for the superannuation fund can be . . .
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