Calls for new advice model
The chief executive of one of Australia’s largest superannuation funds is calling for a new advice model and believes industry funds are in the best position to deliver it.
Addressing the audience at an Association of Superannuation Funds of Australia luncheon, Sunsuper head Tony Lally claimed that the advice model currently offered by super funds was too expensive and unnecessarily complex.
“At the moment there are too many hands in members’ pockets and it is very difficult to service them,” he said.
“Members don’t want a full financial plan — just a low cost solution to their retirement needs.”
Lally believes a question and answer-based model, which could be delivered through a call centre or via Internet-based video communication, would be the best way to provide this solution.
He said it would be easier for industry funds to work towards this model than it would be for retail funds, which already have extensive distribution networks and payment systems in place.
However, he also added that the current financial planning model wouldn’t exist in the future and that retail funds will need to adapt their offerings.
Recommended for you
The Australian Financial Complaints Authority has reported an 18 per cent increase in investment and advice complaints received in the financial year 2025, rebounding from the previous year’s 26 per cent dip.
As reports flow in of investors lining up to buy gold at Sydney’s ABC Bullion store this week, two financial advisers have cautioned against succumbing to the hype as gold prices hit shaky ground.
After three weeks of struggling gains, this week has marked a return to strong growth for adviser numbers, in addition to three new licensees commencing.
ASIC has banned a Melbourne-based financial adviser who gave inappropriate advice to his clients including false and misleading Statements of Advice.
