Fee-for-service planners win ACTU favour
The Australian Council of Trade Unions (ACTU) has moved to assist trade union members dealing with the new choice of superannuation fund environment by making available a list of recommended financial planners.
In its latest member benefits bulletin, the ACTU has acknowledged that the new choice regime, when combined with rising interest rates, education and health costs means consulting a financial adviser can represent a good option for trade union members.
The bulletin then goes on to quote advice from the executive chair of Industry Fund Services, Garry Weaven urging that union members use fee-for-service planners who not only understand their overall situation but also understand the success of industry funds.
Weaven, a former ACTU assistant secretary, also urges union members to make sure the financial planner they choose is not rewarded by the seller for selling a particular investment product.
“Superannuation is a compulsory levy on your salary,” Weaven said. “No one should profit from your super except you.”
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