Mark, you seem to be missing the issue in which you are, in my view, conflicted.From your employers FSG..."Our planners will only recommend financial products which have been authorised by us. While there may be other products on the market that may also suit your circumstances, our planners will only recommend products that StatePlus or First State Super issue, or other products that have been thoroughly researched and we consider meet the needs of our clients."
"Advice received by eligible First State Super members on their existing superannuation interest, is provided at no additional cost. First State Super pays StatePlus a fee to provide this service. The cost of providing this service is deducted out of the administration fee First State Super charges its members."
Looks to me like that the only product advice provided is to switch into your in-house product - and you can charge a fee for this if you feel the need. The more you do, the more likely you are to receive a bonus for these rollover (ops, advice fees).
Then, when you have all the members in product.. in your words, "the member is already in the product and intra fund advisers cannot provide advice to switch from other products so advice cannot be conflicted"
The member has very little change of receiving good product advice as you are simply (as a employee of the product) maintain product and will not be considering any alternative products - ie retaining the product.
So basically, the business model is get the members in, charge them all a fee and just service those members that call. The business can probably charge $500 for an SOA to Rollover as there is plenty of money coming in from all other members Intra Funds Advice Fees?
In my mind, this seems as conflicted as it can possibly get.
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