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GESB Financial Advice closes up shop
GESB Financial Advice, the financial planning arm of the Western Australian Government employer's superannuation fund is winding up as part of state's superannuation reforms brought about by the Whithear report.
GESB members will no longer have access to a full advice service through the super fund but will have access to member services, including general and intrafund advice.
Although GESB will be limited to providing general advice and factual information, it will expand its member services to include a retirement options service, transition to retirement services and a specialised simple advice service advising on the fund's investment options.
The Whithear report found GESB's financial planning subsidiary had moved beyond its original purpose of providing fund-specific information to members to providing a full advice service.
It is one of 18 recommendations from the Whithear review that have been adopted by the Western Australian Government and includes plans to outsource the fund's administration which went to tender in June - expressions of interest close this week.
The decision to outsource administration came from scale concerns regarding an exodus of members following the implementation of Choice reform.
Previously forced into the fund, Western Australian government employees were also given the choice of superannuation fund in March this year as part of the reform package.
In July, GESB appointed a new member director, Glen Townsing, to assist with local and federal government superannuation reforms.
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