FPA addresses crisis of confidence

super-fund/FPA/industry-super-network/chief-executive/superannuation-funds/advice/financial-planning-association/financial-advice/financial-markets/corporations-act/

23 March 2011
| By Chris Kennedy |
image
image
expand image

“If there is a crisis of confidence in superannuation funds, financial markets and advice more generally, it should encourage people to make sure they’re getting the best advice and that the advice they’re getting takes into account their own and their family’s complete financial circumstances, not just their superannuation needs,” Financial Planning Association chief executive Mark Rantall (pictured) has said.

Responding to comments earlier in the week from Industry Super Network chief executive David Whiteley, Rantall said it was difficult for super fund members to trust whether they were in the right fund or getting the right advice.

“However, cost and the way a financial planner charges for their services should not be the primary focus – as is the case with the current ISN advertisements,” Rantall said.

Whiteley’s comments came with the release of an ISN campaign aimed at encouraging people to take advantage of the financial advice offering within their industry super fund. The FPA has now released a checklist encouraging planning clients to ensure that any advice they receive is being paid for by them – rather than product providers – to ensure that the advice is in their best interests.

The FPA has also advised people to check statements from super funds to ensure they are not paying for services they don’t receive, to check with advice providers about other choices they may have, and to check with planners whether inside or outside of a super fund that the advice provided is subject to the Corporations Act.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 2 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks 1 day ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 2 days ago

TOP PERFORMING FUNDS