Top planning groups claim part of tender
Some of Australia’s top financial planning groups have claimed part of a Victorian Government tender, generating one of Australia’s biggest financial planning programs.
AMP Financial Planning, Bridges Financial Planning and Professional Investment Services are among a group of more than 40 planning and dealer groups chosen to offer fee for service advice to public sector retirees.
The 40 planning groups were chosen earlier this year from an initial list of more than 80 financial planning groups interested in making an application.
Victoria's Acting Minister of Finance, John Brumby MP says the successful applicants signed contracts last week. Brumby says the groups will now form the panel of financial advisers to provide advice to retirees under the Victorian Government's Beneficiary Choice Program (BCP).
He says the chosen financial planning groups will be offering advice to more than 54,000 pensioners and 50,000 deferred beneficiaries.
Brumby says the Department of 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.
Under the scheme, former state superannuation Fund pensioners whose pensions are administered by the Emergency Services Superannuation Board with one-off opportunity to roll over half or all their pensions to a lump-sum.
Offers to the 54, 000 deferred members will be made from April 2, 2001.
Top 10 financial planners appointed for Beneficiary Choice Program
Planning Group No. of planners Funds under advice
($Mil)
1. AMP Financial Planning 1, 630 69, 000
2. Financial Wisdom 288 5, 000
3. Bridges Financial Planning 98 4, 015
4. Professional
Investment Services 408 2, 600
5. William M Mercer 51 2, 000
6. Winchcombe Carson
Financial Planning 90 1, 600
7. AXA Financial Planning 600 nd
8. RetireInvest 240 nd
9. Protax 75 315
10. Westpac Banking Corporation
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