Cbus will extend its trial advice referral arrangement with the Financial Planning Association (FPA) into an ongoing nation-wide effort from 1 September 2014.
The shift marks an end to a trial program announced in October last year and offered to eligible members of the industry superannuation fund working with selected FPA member practices in Queensland, South Australia, Tasmania and the Northern Territory.
Financial planning practices who offered advice to Cbus members were required to add the fund to their approved product lists with the FPA requiring planners working within the trial arrangements to hold the Certified Financial Planner (CFP) designation and operating within an FPA Professional Practice.
During the trial 23 professional practices were selected to provide advice and this number would likely be increased as the arrangement becomes permanent and offered nation-wide.
FPA chief executive Mark Rantall said the permanent referral arrangement would connect more people with CFP level advice and pointed to a future advice model in which planners collaborated with member-based organisations to provide advice.
Rantall said the FPA acknowledged the efforts of Cbus and its board in moving from the trial to an ongoing arrangement while Cbus chief executive David Atkin said the arrangement was "a sound and proven initiative that represents ongoing value and benefits for our members".
In a Senate submission, the Financial Services Council said super funds should be able to nudge members on engaging with their super and has cautioned against default placements.
The Joint Associations Working Group, which counts FSC in its ranks, has issued an urgent warning to the government.
Senator Jane Hume will join the speaker lineup at the inaugural Australian Wealth Management Summit.
New research from ART has found less than a third of women feel their superannuation is in a good position, reiterating the importance of opening up the advice arena to super funds.
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