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@Hedware, the article is about advice offerings and NOT performance. While a high performance fund is of benefit to an individual for their retirement, that does help them make better financial decisions and/or make them aware of other important considerations. However, the industry funds that you believe are better performers mainly offer conflicted intra-fund advice that is biased and has a “carve-out” from having to meet the best interests obligations required by other financial planners under legislation. This type of advice is NOT basic and can include:

- Transition to retirement strategies to minimise tax
- Investment decisions
- Wealth creation strategies including cash flow allocations
- Risk management with insurance advice
- Estate planning with different types of nominations

Even Hayne himself said that intra-fund provisions were being interpreted incorrectly by ALL superannuation funds and it should be significantly scaled back. I’m happy to provide the actual references in the RC if you are not across this recommendation. However, the industry super funds will not be taken to task while ASIC turns a blind eye to how intra-fund advice is gamed to make it quasi full advice without the risks and/or compliance oversights.