AustralianSuper extends financial planning trial
The trial financial advice arrangement between major planning groups and AustralianSuper is set to be strengthened with an informal breakfast aimed at non-senior advisers of the dealer group.
The breakfasts, to be held in Melbourne and Sydney in April, will focus on explaining the rationale behind the trial to ordinary financial advisers, and explain what AustralianSuper can do for advisers and clients, according to general manager of growth and new opportunities Paul Schroder .
The breakfast will also discuss developing more tools for financial advisers, and provide an update on the future of superannuation and upcoming legislation.
The success of the trial indicates that AustralianSuper will invest and expand the arrangement, Schroder said.
Part of the aim of the breakfast is to break the "cultural divide" between financial planners and industry super funds over advice, he said.
"We've never been anti-advice, we've only been anti the way advice has been paid for," he said.
The financial advisers involved in the trial must charge fee-for-service.
The six dealer groups taking part in the trial include
Godfrey Pembroke, Matrix, Dicksons Advisory, Switzer, Woods and Partners Financial Planning, and Paul Moran Financial Planning.
The charter in place to cover the trial includes a 12-month opt-in arrangement, as well as fee-for-service.
AustralianSuper has no plans to alter the opt-in clause in light of the recent government decision to exempt certain financial planning groups from opt-in requirements in Future of Financial Advice, Schroder said.
"I think a lot of the people worried about that are those who don't have close relationships with their client," he said.
The charter was in place before the FOFA reforms, Schroder said.
A full report on the trial will be handed to the board in August.
Recommended for you
ASIC has released the results of the latest financial adviser exam, held in November 2025.
Winners have been announced for this year's ifa Excellence Awards, hosted by Money Management's sister brand ifa.
Adviser exits have reported their biggest loss since June this week, according to Padua Wealth Data, kicking off what is set to be a difficult December for the industry.
Financial advisers often find themselves taking on the dual role of adviser and business owner but a managing director has suggested this leads only to subpar outcomes.
