"Meanwhile, many superannuation funds now offer advice to their members and are integrating digital-advice offerings along with intra-fund to help Australians who may not be able to afford full-scale financial planning. "
"The Financial Planning Association (FPA) is committed to supporting all financial planners throughout their career to provide the best quality advice to their clients."
OK, so the FPA support Intra Fund Advice - advice provided by the product manufacturer. Please explain to me why FASEA Standard 3 exists for Privately owned or self employed Financial Planner but it is perfectly acceptable for an employee of the product provider to provide "advice" to a member all the while being paid for via a fee charged to members (many who will never use this "Service" or "Advice" - but it's not Advice?), the members can't opt out of it, it is not "fee for no service" and from what I read, is not required to be in the "Best Interest of the client" and could not even satisfy these requirements as there is no requirement to consider any alternative products - just recommend the in house product and all is sweet. And the FPA somehow believes this is OK. Really, where are all those people and lobby groups who said if the client values the service they can pay for the service when the service is delivered? Where are they? Perhaps working for Product Providers (and it seems the FPA).
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