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
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
Estimates for the calendar year 2024 put the advice industry on track for a loss in adviser numbers as exits offset gains from new entrants.
Adviser Ratings shares five ways that financial advice changed in 2024 with an optimistic outlook for 2025, thanks to the Delivering Better Financial Outcomes legislation.
National advice firm Invest Blue has announced several acquisitions, including the purchase of an estate planning and wealth protection business Lambert Group.
