Intra-fund advice sits alongside full advice
Canberra-based fund AvSuper has become one of the few industry funds to seek and receive relief from the Australian Securities and Investments Commission (ASIC) to provide intra-fund advice.
The intra-fund advice offering will sit alongside the fund’s pre-existing relationship with its “financial advice partner”, Outlook Financial Solutions.
Despite the Government’s approval of a class order with respect to intra-fund advice being regarded as a breakthrough for the industry funds in the advice arena, few have actually opted to pursue the granting of formal relief, with most preferring to examine their options consistent with the associated guidance note.
However, AvSuper chief executive Michelle Griffiths said the fund had applied for authorisation from ASIC in response to member requests.
As a result of the granting of relief, Griffiths said the fund had developed a qualified team and would be assisting members with advice on topics such as choosing an AvSuper investment option, increasing voluntary contributions, buying life insurance within the fund and accessing super early under financial hardship rules.
She said members would not be charged for the service or asked to pay any commissions or additional fees when acting on the advice.
Griffiths said the fund’s existing relationship with Outlook Financial Solutions would continue, with members requiring more detailed financial advice being referred to Outlook, where they would receive discounted member rates.
AUTHOR
Mike Taylor
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
