First State Super has reached a binding settlement to acquire the StatePlus financial planning business — a move that creates the largest member-owned financial planning network in Australia.
The combination of the two will create a financial advice business with over $21 billion in retirement funds and over 200 financial planners in metropolitan and regional centres throughout the country.
First State Super chief executive, Michael Dwyer, said: "Together we will create a financial advice service that builds on the strengths of both organisations. We will leverage our increased scale to maximise retirement income for our members".
"First State Super Financial Services and StatePlus will continue to operate as separate and distinct businesses while we develop plans for the future," Dwyer said.
Also commenting on the bid, StatePlus managing director, Michael Monaghan said: "StatePlus is well positioned for growth having successfully executed on a strategy to transform the business and become digitally enabled while continuing to deliver exceptional service".
"As we undergo this ownership transition we remain focused on the clients who rely on us, delivering high quality advice, and service, as usual," he said.
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.
Add new comment