Industry superannuation funds have backed the deduction of one-off advice fees from superannuation balances at the same time as arguing for an extension of the ability to provide advice around household retirement adequacy and pension eligibility.
The Australian Institute of Superannuation Trustees (AIST) submission to the Australian Securities and Investments Commission’s (ASIC’s) advice affordability review has also urged the implementation of a private ruling service on the status of new advice offers.
The AIST submission aligns closely with that provided to ASIC by Industry Super Australia and argues for the removal of obstacles to the use of alternatives to comprehensive personal advice, including factual information, general advice and intra-fund advice.
The submission said that recent court decisions had further muddied the waters with respect to general versus personal advice and that ASIC needs to update its guidance about the boundaries between the provision of factual information and general advice.
On the question of general advice, the AIST submission has urged the implementation of a private ruling service on the status of new advice offers to enable advisers to consult and seek certainty during the design of new advice offers.
The AIST submission also urges an extension of intra-fund advice to pre-retirement advice with the new arrangement capable of being paid for via existing intra-fund advice models.
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.
The peak body for the superannuation industry says that intra-fund advice should be widened to cover the transition to retirement.
The industry super fund has announced a change to the way it delivers education services and support to members and employers.
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