Equipsuper Financial Planning's $100 million milestone
The financial planning arm of industry fund Equipsuper, Equipsuper Financial Planning (EFP), announced this week that it had passed $100 million in funds under advice.
Describing it as the passing of a milestone, Equipsuper manager, retirement services, John Farrington said it reflected recognition by the fund's retired members of the benefit of professional financial advice.
He said EFP had been established just over two and a half years' ago for the specific purpose of providing personal advice to members who were approaching retirement.
Farrington said that with the fund having a significant number of defined benefit members approaching retirement, it had been required to make decisions about superannuation investment risk for the first time.
"In addition, the introduction of transition to retirement pensions a few years back launched a brand new concept to members," he said. "While workplace seminars provide members with opportunities to obtain an overview of these products, they are no substitute for the financial advice required by members wanting to help with setting up strategies around them."
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