APRA statistics should not be basis for advice recommendations
The Financial Planning Association (FPA) has advised that fund performance data recently released by the Australian Prudential Regulation Authority (APRA) should not be the only basis for determining which superannuation fund to use.
The FPA has called for a more informed debate on the merits of selecting different superannuation funds following the release of APRA’s performance statistics, which are dated over a year ago.
Australians benefit from a choice as to which superannuation fund or structure they would like to use, according to FPA chief Jo-Anne Bloch.
“Choice and competition are critical and they are very much in play at the moment,” Bloch said.
“The role of the financial planner is to select the right product or superannuation structure to suit their client. If one particular product doesn’t stack up, don’t blame financial planners,” Bloch advised.
She pointed out that a lot has happened since APRA’s results dated June 30, 2008.
“Just ask some of the funds that were on the top of the tables last year but this year find themselves at the bottom of the tables, thanks to a particular investment style,” Bloch said.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
