Super body supports value of advice

superannuation-fund-members/superannuation-funds/superannuation-industry/chief-executive/financial-advice/financial-planning-association/money-management/ASFA/

20 September 2007
| By Mike Taylor |
image
image
expand image

Pauline Vamos

The new chief executive of the Association of Superannuation Funds of Australia, Pauline Vamos, has given a commitment to supporting the value of financial advice in the context of superannuation.

Vamos, who assumed leadership of ASFA just 10 days ago, told Money Management she believed there were misconceptions about ASFA’s position with respect to the value of advice.

“We support, and we understand and we promote the value of good quality advice in the superannuation industry,” she said.

“What is important and what we will work closely with the Financial Planning Association on is the types of advisory services, the choice of advisory services and choice of payment,” Vamos said.

The new ASFA chief executive agreed that what she was talking about was the scaling of advice to meet the needs and financial capacity of superannuation fund members.

“It’s not just about the scaling of advice but the other ancillary pieces of advice helping people understand the risk-return profile,” she said.

“We want people to understand why people are in a superannuation vehicle, where the money is and what they are paying for it,” Vamos said.

She said that to some degree the industry had failed to understand and take advantage of the relevant legislation when it came to providing some types of advice, such as the product issuer exemption under the Corporation Act, which allows issuers to talk about their products.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 4 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

5 months ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

2 weeks ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 5 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 3 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND