ESSSuper has announced a request for tender for the provision of financial product advice to its superannuation members.
Its current arrangement with Industry Super Network's Industry Fund Financial Planning (IFPP) will draw to a close in mid-2013, and ESSSuper said this provided it with the opportunity to "refresh [our] advice proposition to members in light of recent developments in the industry".
It said a strategic review and member research had identified a significant ongoing demand for financial product advice.
The tender stipulates the provision of advice as well as training, support, systems and licensing of a number of the fund's employees to enable them to provide advice - full, limited or scaled, depending upon the licensee.
It also called for the provision of an on-line advice offering enabling members to access reference material, calculators and limited advice across a range of pre-determined scenarios, or the licensing rights for the fund to provide its own.
The 144,000 member-strong fund has assets in excess of $17 billion.
In a recent statement, shadow assistant minister for home ownership and Liberal senator for NSW, Andrew Bragg, accused ‘big super’ of fabricating data attributed to the Reserve Bank of Australia to push their agenda.
A “concerning” number of Aussies don’t know what they pay in super fees, a young super fund has said.
The corporate regulator has shared some ‘disappointing’ findings upon reviewing the public communications of more than 20 trustees with regards to death benefits.
According to the industry body, funds should have an obligation to transfer members in failing products to better-performing products in a timely way.
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