A call centre employee is NOT a financial adviser. BIG difference. The reality is that most Union Super Fund members refuse to pay for financial advice, so it is being covered up under "general" advice. This came to light recently when Money Management reported (14 March 2019) that Cath Bowtell of Industry Funds Services (IFS) was wanting to expand the definition of intrafund advice. As most of their members refuse to pay for ongoing financial advice, the Union funds are now hiding it all in the admin fee (or kick back investment fees). Note the cost of such is not disclosed in their annual reports. As a consumer, why pay $2000 for a phone, when you can pay $50 a month for "calls" instead? The real April fool joke is on the all the planners, lumbered with exams & years of University units, who are currently denied by ASIC to charge for general advice provision from their super fund admin fees. It has to be a totally separate disclosure, with regular Opt-In documentation. The Union Super Funds are scamming it, & they know it.
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