Chifley set to rollout suite of new services
ChifleyFinancial Services will rollout a wider range of products and revise its current master trust under plans put forward by its new owners, the Local Government Super Scheme (LGSS) and Energy Industry Super Scheme (EISS) and the NSW Labour Council.
Chief executive of LGSS and EISS Brett Westbrook says the new products to come out of Chifley will focus on the areas of superannuation, financial planning, funds management and treasury.
“We have already, through Chifley, established a wholesale investment trust which will be used for funds management,” Westbrook says.
“We have been reviewing all our previous products and are debating internally whether to manufacture our own or to rebadge those of others.”
He says Chifley will not be managing funds for LGSS and EISS at this stage, but may have a greater role in managing some of the combined group’s investments.
“We recently made a decision to internalise our property management function. We are currently debating which entity will employ the staff. If this turns out to be Chifley, then it will take on more of a management role for the schemes.”
The plans come only weeks after Chifley underwent an extensive restructure, resulting in the departure of the head of financial planning Peter Dawson and the closer alignment of the planning activities of the three groups, as exclusively reported inMoney Management.
Dawson was replaced by Terry Malpass, the head of financial planning at FuturePlus, a group also partly-owned by LGSS and EISS.
Under the restructure, the planning, paraplanning and compliance staff of both Chifley and FuturePlus are to be dual licensed, allowing them to work under either group.
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