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The Financial Services Council should keep away from suggesting anything whatsoever.
The FSC have made a mess of just about anything they have been involved with over the last 10 years.
So you have a MySuper client who has $350,000 spread across 4-5 different investment options, wants advice on asset allocation, market volatility affecting their investment, contribution levels and types, nomination of beneficiary advice and insurance advice regarding levels types and definitions and wants to be able to contact the adviser at anytime to discuss matters that are important to them and the FSC reckons that a one off advice fee only is going to work ???
Every time the client contacts the adviser or initiates an advice situation, they will then complete another advice fee authorisation form as a once off fee which could occur 4-5 times throughout a year !
This is insane and unworkable.
MySuper was specifically and strategically created as a means of cutting legally approved grandfathered commission payments to advisers.
The initial criteria for changing clients to MySuper products or investment options was to label the member as being
"disengaged" simply because they may not have moved away from a default investment option within a specified time frame.
This was purely an assumption, not based on knowledge of the client, their attitude to investment risk or if they were satisfied with their current investment performance from the default investment option.
It was a way to cut the adviser off, without actually saying that directly, but that is exactly what it was.
For the Govt to be even thinking about the possibility of not allowing MySuper members to pay for advice from their own superannuation account is simply ludicrous.
At what level does this Govt believe that they have the right to dictate whether an engaged and advised superannuation member cannot make a decision in their own right to pay their adviser either an upfront, one off fee or a retainer fee for ongoing advice throughout a year.
Before too long they will be herding all members into a socialist or communist style superannuation fund.
And this bullshit is coming from an elected Liberal Govt (the Govt of small business) !!!!...yeah right.