FPA backs planners, but questions ISN
The Financial Planning Association (FPA) has made clear that while it has issues with the actions of the Industry Super Network (ISN), it does not have problems with financial planners employed by industry superannuation funds – many of whom are members of the FPA.
The chief executive of the FPA, Mark Rantall (pictured), told Money Management his organisation was not in the business of questioning the quality of advice provided by many industry fund planners. Instead, the FPA was targeting the fear campaign that had been pursued by the Industry Super Network, Rantall said.
Rantall had earlier accused the ISN of pursuing an agenda that involved “the elimination of competition and destruction of sound financial advice and financial security for Australians”.
He said he believed the ISN would stop at nothing to “further its self-interested attempts to shut down competition, kill off financial planning services other than its own and extract maximum political advantage”.
Discussing the issue with Money Management, Rantall said the FPA was not questioning the quality of financial planners employed by industry funds because “many of them are FPA members”.
Rather, he said the FPA was questioning what it regarded as the self-interested and political motives of the ISN in campaigning against financial planners who operated outside of the industry superannuation fund regime.
AUTHOR
Mike Taylor
Recommended for you
Insignia Financial has issued a statement to the ASX regarding a potential bid from a third global private equity business to acquire the firm.
More than 30 advisers fell off the FAR during the Christmas and New Year period, according to Wealth Data, with half of these coming from licensee giant Entireti.
With next-generation heirs unlikely to retain their family’s financial advisers after receiving an inheritance, Capgemini has explored how firms can work with younger generations to maintain a relationship.
The use of technology and data analytics will be a way for advice firms to grow in 2025, according to Adviser Ratings, with those who are using it successfully reporting 10 per cent higher profit margins.
