Industry funds deny they are anti-advice
The Industry Super Network representing industry superannuation funds has hit back at claims that it is anti-financial advice, claiming the problem is not advice but the confusion that exists between advice and sales functions.
The executive manager of the Industry Super Network, David Whiteley, denied claims by the chief executive of ING, Paul Bedbrook, this week that industry superannuation funds had advertised that people should not seek advice.
“To suggest this is incorrect and deliberately misleading,” he said. “The problem is not advice, but the fact that confusion between advisory and sales functions continues to plague the industry,” he said.
Bedbrook earlier this week used an address to the Association of Superannuation Funds of Australia to claim, “those who put financial advisers down do a disservice to the industry and the investing public”.
Whiteley said standards needed to be raised in the financial advice industry so a client’s best interest was put ahead of sales commissions and denied that the industry funds’ compare the pair campaign was anti-advice.
“The compare the pair campaign is a great exercise in consumer advocacy that will continue into the future,” he said.
AUTHOR
Mike Taylor
Recommended for you
Numbers are in for 2024, with Wealth Data confirming how many advisers left during the calendar year and which business models saw the largest growth in terms of new licensees.
Praemium has seen its highest net inflows in over two years for Q2 FY25 as its Powerwrap platform returns to inflows after five consecutive quarterly outflows.
Insignia Financial has announced total quarterly net inflows of $2.3 billion as well as a third bid from Bain Capital.
As DBFO reforms around fees take effect, Adviser Ratings explores how advice businesses can adopt more transparent and client-centric pricing models in 2025.
