IFFP value proposition to be tested
The value proposition behind Industry Funds Financial Planning (IFFP) will be put to the test in a tender process initiated by the superannuation fund representing Victorian emergency services workers and other public servants, ESSSuper.
The fund has announced it is going to tender for the provision of financial product advice to its members ahead of its current arrangements with IFFP expiring in the first half of this year.
The fund has announced that the Request for Tender can be accessed on the Victorian Government Tender website and that interested parties will need to register as a supplier on that site.
ESSSuper has around 144,000 members and assets in excess of $17 billion, including $2.4 billion in accumulation and retirement income accounts.
The trustee board of ESSSuper is made up of both Government-appointed and member-elected representatives, and at the time when IFFP was appointed the Australian Labor Party held the Treasury benches in the State Parliament.
In its formal announcement of the tender exercise, the fund said it was "taking the opportunity to refresh the advice proposition to members in light of recent developments in the industry".
The tender closes on 23 January.
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