None of this comes as a surprise. From the moment the RC started, it quickly became apparent that things would be handed to the Industry Super Funds on a plate and any misconduct overlooked as the RC was told there was nothing to see here! Whats more alarming is that there are Industry Super Fund advisers out there employed by ISA that only recommend clients put their money in Industry Super Funds, without considering other funds or even a clients current fund. How can they effectively discharge their duties as adviser with this level of conflict and bias, especially when bank planners copped a roasting for doing this?! I recently lost (nearly lost) a client to Hostplus and as the Industry Super Fund adviser failed to adequately do their due diligence and advise the client that the super platform would deduct some $11000 capital gains tax upon rollover. Whilst the client was initially sold on the admin fee saving, it would have taken some 14 years to re-coup the CGT, compared to waiting until client was old enough to commence an ABP down the track. Thankfully the client had the courage to come back to me and a complaint will be made!
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