QSuper will cease to offer comprehensive advice to new clients and as a result will make 23 paraplanning-related roles redundant in August 2020 and 32 other support roles will be affected by October 2020.
In a statement to Money Management, QSuper said a review found that the demand for comprehensive financial advice from members and non-members was a decreasing and was used by less than 1% of QSuper members over the past three years.
A QSuper spokesperson said: “There will be job losses as a result of this decision, so it’s not a decision that we have made lightly.
“As a result of ceasing the comprehensive advice service, 23 paraplanning-related roles will be made redundant from the end of August 2020. 32 other support roles will also be affected by October 2020.
“Right now, our focus is on supporting affected staff and, as a first option, finding a new role for them within the QSuper Group where we can. We will work with each staff member affected to support their wellbeing and their career.”
Existing comprehensive advice clients would be able to continue using the service for the remainder of their current agreement and would be provided assistance to ensure their advice needs were met in the future.
The review found that members wanted advice about their investment strategy, ways to make the most of their QSuper account and help with retirement planning.
Commenting, QSuper chief executive, Michael Pennisi, said: “As a result of the review, QSuper has significantly expanded the personal, over the phone financial advice service available to members which is provided at no additional cost to the member.
“The expanded service provides advice on topics including establishing an account-based pension; commencing a Transition to Retirement strategy; and advice related to retirement income projections.
“Since we expanded our over the phone personal financial advice service, we have seen a 35% increase in demand for the service. This change has made personal financial advice more affordable and accessible for our members in the current environment.”
Pennisi noted that the fund had increased the number of advisers available for over the phone personal advice appointments and had expanded topics related to its super products members could discuss.