Many super fund execs would in-source financial planning
More superannuation funds should be considering bringing the provision of financial planning services in-house, according to the results of a new survey.
While many superannuation funds have chosen to enter into relationships with dealer groups and other third-party providers for the delivery of financial planning, a survey, conducted by Money Management’s sister publication, Super Review, revealed significant support for super funds to develop in-house capacity.
However, in terms of priorities for superannuation fund trustees and executives, bringing financial planning services in-house fell a long way behind their determination to take greater control of member communications.
The survey, conducted during the recent Association of Superannuation Funds of Australia (ASFA) conference in Sydney, asked fund trustees and executives what currently-outsourced functions they believed should be brought in-house.
While many funds have already insourced investment management, this rated as a somewhat low priority well behind member communications (79.4 per cent), financial planning (35.8 per cent) and administration (35.8 per cent).
Only 25.6 per cent of respondents cited bringing investment management in-house.
Despite the high use of outsource services by superannuation funds, survey respondents said they did not believe the arrangement was being over-used.
Recommended for you
With regional and rural suburbs exhibiting high spare capacity to invest, Money Management speaks to three regional advisers on the opportunities beyond the major cities and the importance of a strong network.
Platform consolidation is expected to accelerate among financial advisers this year, as software company Finura pinpoints which two platforms are set to be the winners, thanks to this trend.
The software provider has made several appointments in its APAC wealth propositions team, with a focus on driving growth across digital advice, Xplan and strategic partnerships.
The platform has announced it plans to close its Xplore managed discretionary account service in 2026 which holds $2 billion in funds under administration.
