Planners seize super initiative
The penny has finally dropped. Financial planning groups have embraced large scale superannuation and are fighting fiercely for a piece of the rapidly growing market.
About 80 dealer groups representing more than 6000 financial planners put their hat in the ring for the right to provide advice to about 100,000 Victorian public servants approaching or already in retirement.
More than 40 dealer groups, including some of the biggest names in the industry, were successful in the Victorian Government tender process. AMP Financial Planning, RetireInvest, Professional Investment Services and Westpac are among the groups chosen to offer fee for service advice to the retirees.
The successful applicants signed contracts last week to provide advice to retirees under the Victorian Government's Beneficiary Choice Program (BCP), including more than 54,000 pensioners and 50,000 deferred beneficiaries.
Acting Finance Minister Jack Brumby says Treasury selected the panel of financial advisers based on independent evaluation undertaken by Arthur Andersen Personal Financial Management.
The BCP would provide existing State Superannuation Fund pensioners with a one-off opportunity to roll over half or all of their pensions to a lump sum. Current members of the State Superannuation Fund can also choose to convert their deferred benefit entitlement to a lump sum to be rolled over into a complying fund of their choice.
Offers to the 54, 000 deferred members will be made from April 2, 2001.
Top 10 financial planners for beneficiary choice program
Planning Group No. of planners Funds under advice
($Mil)
1. AMP Financial Planning 1, 630 69, 000
2. Professional Investment Services 408 2, 600
3. Westpac Banking Corporation 372 8,000
4. Charter Financial Planning 296 nd
5. Financial Wisdom 288 5, 000
6. RetireInvest 240 nd
7. Bridges Financial Planning 98 4, 015
8. Winchcombe Carson 90 1, 600
9. Protax 75 315
10. William M Mercer 51 2, 000
nd - not disclosed
Source: Look Research
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