FPA digs in on MySuper advice
The Financial Planning Association (FPA) has declared its opposition to the Government’s legislative move to stop people from paying for financial advice from their MySuper accounts.
The FPA has told the government it opposed the move which it believed will create two classes of superannuation and take away the ability of consumers to choose where they get their advice and how they pay for it.
In a statement issued today, FPA chief executive, Dante De Gori said that it was incorrect to state that people with a MySuper account were disengaged and therefore did not require advice.
“Many people choose to stay in a MySuper investment option because it is the right one for them and they have the same need for financial advice on their superannuation, insurance needs and retirement planning,” he said.
De Gori said that stopping the payment of advice fees from MySuper investment options would disadvantage many Australians who currently use this arrangement to access affordable advice from their choice of financial planner.
Recommended for you
The FAAA is hopeful the education and experience pathway deadline will be the “last big thing” that could cause an adviser exodus but concern now turns to advisers moving to the wholesale space.
Invest Blue’s managing director says the firm is aiming to implement responsible private market access to its retail clients following the launch of its SMA last month.
After launching its digital advice offering earlier this year, AMP has announced the next phase of its strategy, providing its users with more personalised guidance.
Advice firms are increasing their base salaries by as much as $50k to attract talent, particularly seeking advisers with a portable book of clients, but equity offerings remain off the table.
