CSSA restructure hints education drive
As corporate super advisers struggle to ensure continuation of their revenue stream under new regulations, the Corporate Super Specialist Alliance (CSSA) is changing its executive team structure while indicating an education push.
CSSA president Douglas Latto will now be appointed to the role of the chief executive officer, while National Australia Bank-aligned AFM Advisers' managing director Terry Rhodes will take the president position.
Rhodes is currently the CSSA vice president.
Latto said the new strategic direction for CSSA will focus on providing financial education to members of corporate super funds.
"Corporate super advisers are probably the ones that have been most affected by the new rules among advisers. The Future of Financial Advice (FOFA) to some extent but probably the MySuper legislation has affected us," Latto said.
With the way the intra-fund advice fee is structured, and with the removal of commissions and the ability to charge a collective fee, Latto said the sector had to find a new direction.
"We had to think of ways of making sure our services continue so we went out there and spoke to a number of our funds," he said.
While the CSSA had the option of choosing a tender process, where employers engage them to find the best default fund and do statements of advice, Latto said this was a short term solution.
He said a tender is a one-off service while providing financial education services is an on-going long-term service.
AUTHOR
Malavika Santhebennur
Recommended for you
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
The ETF provider has flagged a number of developments as it formally enters the superannuation space through a major acquisition.
While all MySuper products successfully passed the latest performance test, trustee-directed products encountered difficulties.
